Buy that house today!
Established by Tim Rainey as specialist brokers of mortgage solutions to the IT contractor and IT consultant community we are aware of how your personal situation is unique enough to scare off many high street lenders. You make more money than most people, you probably receive your money erratically, you plan your income in a tax-efficient manner and you are probably savvy to the benefits of property investing — A profile that is enough to put-off most high street lenders… We are your perfect mortgage partner.
Do any of these apply to you?
- Your accounts do not really reflect your up-to-date company position
- You can’t provide two or three years accounts
- Your accounts are constructed to minimise tax payable by showing the least amount of taxable net profit
- You are unable to provide evidence of contract renewals over a one or two-year period
- It’s hard to prove your income and your income is variable
- You have more than one contract
Yes, that's me!
We are able to offer IT Consultants and computer programmers* mortgages working either through their own limited companies, as sole traders, or through umbrella companies the facility to access mainstream lender channels for mortgages.
This bespoke advice is available for first-time buyers, movers and re-mortgages alike.
Within the special arrangements offered by lenders there are very differing criteria. For example one lender may request that you have at least 12 months contracting experience, while a second lender may request you have at least 6 months left on a contract at application. Our position therefore is very simply to obtain the most appropriate and cost effective mortgage in the market for you given your circumstances and indeed how you would ideally prefer the advance to be structured.
An example of the use of contract rate rather than net profit or drawings might be:
Daily rate of £300 on a three month rolling basis, this would offer a potential mortgage income annualised over a 48 week year to be £300*5*48=£72,000. This allows the contractor professional another string to their bow.
However we would obviously make use of the normal account based sourcing if this were to be available and indeed offer an improved recommendation.
Normal Documentation includes…
- Up to date CV
- Latest contract and potentially previous
- Latest 3-6 months bank statements
- Accounts if appropriate
Maximum loan to value is 95% in the current market, subject to status with a choice of competitive fixed rates, discounts and cash back products from main stream lenders, subject to status.
*Other categories of contract work also qualify. Contact us to find out more.
The overall cost for comparison is 4.3% APR. The actual rate will depend on your circumstances. Ask for a personalised illustration.
Your home may be repossessed if you do not keep up repayments on your mortgage.