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Contractor Mortgages

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Contractor Mortgages

Old 11th Nov 2015, 03:55
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Contractor Mortgages

Dear all,

I have been advised today that the last bank to be lending based on a contract that is not in sterling (uk) has withdrawn this product.

Anyone considering taking a job with an employer in the UK and wanting a mortgage, seriously consider what contract they offer.

Cheers
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Old 11th Nov 2015, 11:11
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Is that Halifax Nick? My mortgage is through Halifax with a very good rate, and arranged only 6 months ago. Would be a kick in the teeth for plenty of people looking to set up shop and start families.
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Old 11th Nov 2015, 12:15
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Nope Halifax pulled theirs about 1 month ago, this was Metro.
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Old 11th Nov 2015, 12:34
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Yes had that problem for a long time now.

In theory the agencies don't have to give you a wage slip/remittance advice!
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Old 11th Nov 2015, 13:52
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No because you should be invoicing them. The issue is not neccessarily with contractors, it's to do with the currency in which the contract is based (I suppose my title could do with changing). I presume the same problem would exist for guys based abroad and wanting a mortgage in the UK.
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Old 11th Nov 2015, 13:56
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Contractor Financials | Meeting the needs of the UK freelancer community might be able to help.
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Old 11th Nov 2015, 14:17
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I've been looking at this issue for months now and found there are some specialist lenders out there but the fees are typically 2 percent of the advance plus a product fee and set up fee. The rate I was quoted was 6.8 percent which meant on 300k mortgage I was paying about 49k over the odds taking all the fees into account. Unfortunately the mainstream lenders have no stomach for the contract market. Even if you can get a product the max loan to value I found was 65 percent
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Old 12th Nov 2015, 03:32
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I'm currently working with Contractor Mortgages Made Easy and they are unable to apply for mortgages based on foreign currency contracts. The only way they seem to be able to get anywhere is through a UK limited company accounts.

Lending rules are changing and ALL banks will be doing the same now or at the beginning of next year.
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Old 12th Nov 2015, 08:43
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This has been coming for a while: New EU rules could stall Britons buying homes abroad with foreign mortgages | This is Money

Disregard the title of the article as it has implications for all who live in the UK but receive salary in a foreign currency.
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