Getting Contractor/Limited Company Mortgages?

[AMBS]

I've been in the job for a couple of years now. Me and the missus are looking to buy our first property together.

I've been reading up about it here:
Contractor Mortgages - Accountants UK - SJD Accountancy

But at the end of the day you've still got to go through a broker because the high street banks won't touch you.
Or is it better to try and get a mortgage on my partner's salary than trying to get a contractor mortgage?


Thanks

 

[villa_tom]

Just go a financial advisor I'm looking to buy a house the start of next year on my own. My mate is self employed and he's just got a bigger mortgage. As long as you have a deposit most financial advisors will see you right.

 

[peteheat]

When choosing a broker make sure he / she is working for you not the lender, if your partner has a high enough income from a steady source (for example civil service) you may find she can get a better interest rate than even a joint mortgage with someone self employed, sadly we are considered a higher risk.

Many brokers get a kick back / bonus from the lender based on the interest rate the loan is sold at so it can be difficult to figure out if the advice you get is really impartial.

If you trade as Any Company Ltd. ask your accountant about the necessary paperwork as an employee not a director, that can open a lot of options when borrowing large sums of money, I can't go any deeper into the process (taking the fifth as our American cousins would say) I suggest you have a chat with your own financial adviser.