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Mortgage when contracting

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  • 31-03-2008 10:26am
    #1
    Glowing
    Registered Users Posts: 2,851 ✭✭✭


    Hi there,

    I'm an IT contractor, and have been contracting in the same place for 2 years now ... on an hourly rate with expenses.

    I was just wondering what the procedure would be regarding getting a mortage? Do banks only consider those with permanent jobs? I'd be looking to get a joint mortgage with my boyfriend who has a permanent job.

    Does anyone know where we'd stand with the banks?

    Cheers!


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    #2
    tHE vAGGABOND
    Registered Users Posts: 6,687 ✭✭✭tHE vAGGABOND


    I would think you will need a couple of years of audited accounts - since your essentially a sole trader/small business :)


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    #3
    Glowing
    Registered Users Posts: 2,851 ✭✭✭Glowing


    I'm with an umbrella company so providing that shouldn't be a problem.

    Do they offer lower mortgages do you know to contractors since job security wouldn't be the same ?


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    #4
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    You'll get the same rates as everyone else. Some banks will offer a higher LTV depending on your profession.


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    #5
    YES Finance
    Closed Accounts Posts: 3 ✭YES Finance


    Hi,

    Provided you can provide 2 years audited accounts for your business signed off by a certified or chartered accountant and can also provide an up to date tax clearance certificate then this should suffice for the majoirty of lenders.


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    #6
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    As you are effectivly self employed, then said bank will need to see audited accounts and a tax clearence cert. Major plus is that it's a joint mortgage and your b/f is PAYE employed.


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