Anyone a contracter with a morgage?

FishThrower · 9 Aug 2008 at 21:19

Hi all,

Just a question

Do we have any IT Contracters here that has a morgage? im looking to get one around Feb time in 2009

All of the contracters I know rent, would it be really risky to get a morgage? the market at the moment is up and down like a yoyo, and varies between week to week.

I am worried if I get a morgage in Feb time contracting, loose a contract and become unemployed for a month or two (if the crap hits the fan) then it will go **** up

doopydug · 10 Aug 2008 at 18:42

You might not get a mortgage anyway - its getting harder you know

tuffty747 · 10 Aug 2008 at 18:52

My Dad is a contractor, He's not IT though, so I don't know if this is of any help to you. My Mam doesn't work, so he's the only source of income, works in London for Motorola on the Met Police radio systems, and we've got a mortgage.

If thats any use, probably not.

oddjob62 · 10 Aug 2008 at 18:58

I think Morba is the man you want to speak to.

KaHn · 10 Aug 2008 at 19:07

It really depends on how you are paid, if you are set up as your own buisness they are different rules.

If you are paid Paye but it is something you will have to look into for your own circumstances.

KaHn

Duke · 10 Aug 2008 at 19:11

Getting a big deposit down would help keep the mortgage low (less per month and more likely to be able to get one). Can you put much down up front?

doublehelix2 · 10 Aug 2008 at 19:18

tuffty747 said:
My Dad is a contractor, He's not IT though, so I don't know if this is of any help to you. My Mam doesn't work, so he's the only source of income, works in London for Motorola on the Met Police radio systems, and we've got a mortgage.

If thats any use, probably not.

Is he a call handler (advises when you ring 999)?

[DOD]Asprilla · 10 Aug 2008 at 19:33

I'm a contractor with a mortgage.

I got mine two years ago on a five year fixed term though C&G via Lloyds. The mortgage market has obviously changed somewhat since then, but you're just treated like any other self employed person.

I hadn't been contracting that long so I just moved all my banking to Lloyds and they were happy once they could see what I was earning.

The only contractors I know who rent are those from overseas.

Ev0 · 10 Aug 2008 at 19:58

doublehelix2 said:
Is he a call handler (advises when you ring 999)?

I'd guess being a contractor he's more involved with the techy side of running the system rather than taking calls

doublehelix2 · 10 Aug 2008 at 21:30

That was my first thought, but I read ages ago about police drafting in contract staff.

Morba · 11 Aug 2008 at 01:09

Ev0 said:
I'd guess being a contractor he's more involved with the techy side of running the system rather than taking calls

but hes not in IT so not in a techy team.

You can get mortgages while you are contracting, I dont know how easy or hard it is though as not tried since ive been contracting myself. fortunately I have a good friend who is an independant mortgage advisor who would be able to find me some deal should i want it.

head over to professional contractors group and also contractoruk, there will be links to information regarding your status as a contractor and mortgages :]

Dj_Jestar · 11 Aug 2008 at 01:29

Most of my city friends are contractors, all with mortgages.

One of them recently terminated a contract in favour of another, which fell through, and he has been unable to find other work since. He has been forced to rent his docklands flat out, whilst he lives with his mum.

Runes · 11 Aug 2008 at 14:37

FishThrower said:
Hi all,

Just a question

Do we have any IT Contracters here that has a morgage? im looking to get one around Feb time in 2009

All of the contracters I know rent, would it be really risky to get a morgage? the market at the moment is up and down like a yoyo, and varies between week to week.

I am worried if I get a morgage in Feb time contracting, loose a contract and become unemployed for a month or two (if the crap hits the fan) then it will go **** up

Hi Fishthrower...
If you get one applied for and in place now, at least you'll have the option to go with the rate you get now. If hte rate improves by then, you can get one at the new rate, or if not, take advantage of the one they quoted you before. Not sure how long they keep your original offer open nowadays tho!

Stolly · 11 Aug 2008 at 14:44

Dj_Jestar said:
Most of my city friends are contractors, all with mortgages.

One of them recently terminated a contract in favour of another, which fell through, and he has been unable to find other work since. He has been forced to rent his docklands flat out, whilst he lives with his mum.

lol don't say that i've just handed my notice in on this contract since i've found a better role.

I've been offered it verbally, but i haven't signed the new contract yet...i sort of regret doing that now and wish i'd said i'd hand my notice in when i'd signed the new contract....oh well

its with BT so its not like they are going to disappear without a trace....

Stolly · 11 Aug 2008 at 14:48

oh yeah to answer the OP i've not remortaged while i've been contracting but my 2 year deal is up in Jan so i guess i'll find out how hard it is then

Dj_Jestar · 11 Aug 2008 at 14:49

Stolly said:
lol don't say that i've just handed my notice in on this contract since i've found a better role.

I've been offered it verbally, but i haven't signed the new contract yet...i sort of regret doing that now and wish i'd said i'd hand my notice in when i'd signed the new contract....oh well its with BT so its not like they are going to disappear without a trace....

In another turn of events, my housemates girlfriend was due to start a new job 3 weeks ago.. she is still waiting for them to tell her when she can start. Her funds are getting dangerously low too and she has a flat :/