BTL mortgage: Freelancer Financials or Contactor Financials

[Mark McBurney@CMME]

I told the estate agent. I don't have the vendor contact details but obviously I know where he's living now so I could slip a note under his door and let him know about the situation.

Hi Daventry,

In my experience with Halifax, you usually have to change product on expiry of a mortgage offer, to generate a new one. This has pros and cons; the bad side is that you could face the possibility of an increased interest rate if rates have increased - however the plus side of this is that they do usually produce the new offer instantly.

[Daventry]

Hi Daventry,

In my experience with Halifax, you usually have to change product on expiry of a mortgage offer, to generate a new one. This has pros and cons; the bad side is that you could face the possibility of an increased interest rate if rates have increased - however the plus side of this is that they do usually produce the new offer instantly.

Well this is sort of good news. I had already assumed that if rates go up, they'll offer me a more expensive mortgage. It does make sense.

Thanks!

[CChann]

Update:CF just come back asking for the documents I have given them last week ,I'm now tempted to cancel the application and start a new one through FF or AS Financial.

I got in touch with them on 8 May , they took a week to submit my application ,money for valuation has been taken out from my account on 15 May but no valuation has been done and I feel I'm no where near valuation. The property is still being shown to buyers as no valuation has been done ,I'm scared of losing the property because of CF.

My survey is done yesterday,not sure when I'll get the mortgage offer,I was told by the broker it will be some time this week,how long will it take generally to get the offer after the survey?BTW vendor is Halifax

[Martin@AS Financial]

My survey is done yesterday,not sure when I'll get the mortgage offer,I was told by the broker it will be some time this week,how long will it take generally to get the offer after the survey?BTW vendor is Halifax

Do you know if your case has been underwritten yet? Assuming it has and that the surveyor is happy that the property you are buying represents good security to be lent on, you should receive an offer today or tomorrow.

[Freelancer Financials]

We probably submit a minimum of 70 mortgage applications a month to Halifax. It is currently taking us an average of 24 hours to get a mortgage offer after the valuation report has been sent to the underwriter. Some of the larger loans (£300K plus) are taking 48 hours.

But we're constantly chasing the lenders and pushing them. If a broker is not proactive and on top of things it can take a week.

John Yerou
MD of Freelancer Financials

[Hireonomy]

A company that a number of the Contractors I speak with have used Power Mortgages <snip> and have been happy with them.

[northernladuk]

A company that a number of the Contractors I speak with have used Power Mortgages <snip> and have been happy with them.

How does an agent know the financial dealings of his contractors?

[Hireonomy]

How does an agent know the financial dealings of his contractors?

I do have a life outside of work, and friends that are Contractors

[CChann]

Do you know if your case has been underwritten yet? Assuming it has and that the surveyor is happy that the property you are buying represents good security to be lent on, you should receive an offer today or tomorrow.

I was told my case was under written ,I still haven't had an offer. The response I got from CF was it can takes 5 days for the home buyer report to be released and 3 days for the assessment.This waiting sucks

[NickNick]

This waiting sucks

tell me about it. It was 6 weeks in total for me from all the paperwork being submitted to the offer being made.