Can contractor get [75%] mortgages?

H

hexpat

Guest
Hello there,

I am a freelance contractor in a (relatively) steady sector with several clients (rather than being a 'false freelancer' with one or two major clients).

Have a bit of a deposit adn want to buy modest house. What chance of getting a mortage? I'd have about 25% of the purchase price of the kind of house I'd like.

Anyone know whether banks would give mortgages to someone in my position? Would it help if I bought a cheaper house and maybe had 40% price?

I know I could just ask a bank(!) but wonder if there's any wisdom here on the subject. Would I be wasting my time?
 
About two years - three by the time I get around to seriously looking at houses next year. Slightly messy as teh first of those years was in the UK. Have accounts and paid tax there
 
If you have two years accounts here and have 25% deposit then there is no reason a bank would not look at your application.

The most important factor these days is proving repayment capacity i.e being able to show the lender than you can afford the projected stress tested mortgage repayments at say 6%.

[broken link removed]
 
thanks NorfBank, good to hear. I was a bit worried banks might insist on 'safe' jobs in the public sector or big companies. Right now I feel as secure as any of the old reliable jobs - banks, civil service, multintionals - but was afraid banks might not take teh same view.

I keep hearing that banks are less and less inclined to lend and might see freelancers as a bigger risk. As I say, having survived this much of the recession I think I'll weatehr the rest of it.
 
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