Contractor Mortgages
Thread Starter
Joined: Mar 2005
Posts: 1,339
Likes: 1
From: My house
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I have been advised today that the last bank to be lending based on a contract that is not in sterling (uk) has withdrawn this product.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
I have been advised today that the last bank to be lending based on a contract that is not in sterling (uk) has withdrawn this product.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
Joined: Sep 2008
Aviation Qualifications: ATPL
Posts: 940
Likes: 57
From: Scotland
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.
Thread Starter
Joined: Mar 2005
Posts: 1,339
Likes: 1
From: My house
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.
Mach 3
Joined: Aug 1998
Posts: 624
Likes: 1
From: Stratosphere
Contractor Financials | Meeting the needs of the UK freelancer community might be able to help.
Joined: Nov 2000
Posts: 624
Likes: 0
From: I wish I knew
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
Thread Starter
Joined: Mar 2005
Posts: 1,339
Likes: 1
From: My house
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.
Lending rules are changing and ALL banks will be doing the same now or at the beginning of next year.
Joined: May 2011
Posts: 619
Likes: 37
From: Home Counties
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.
Disregard the title of the article as it has implications for all who live in the UK but receive salary in a foreign currency.
