To mortgage specialists -5 years fixed term

[Freelancer Financials]

You're right...we just had an offer accepted on a 4 bed semi

Congratulations!

[Mark McBurney@CMME]

You're right...we just had an offer accepted on a 4 bed semi

Great news!

In by christmas?

[Sausage Surprise]

I'm no expert but I'd have thought you'd always get a better rate if you can apply for a mortgage on normal "self-employed" terms (lenders usually treat company directors of close companies as "self-employed") as its based on a more accurate reflection of your earnings, averaged over multiple years with accounts to back it up. Whereas a "contract mortgage" based on daily rate is potentially more risky - a £600/day rate means nothing if you're contract gets binned tomorrow.

Some lenders use different criteria for company directors - some will look at salary + dividends, some will look at salary + (company net profit * shareholding) - and over different years. When I got a (now expired) MIP from Virgin Money, I think they just used my salary + company net profit for the last year (my company shares are split 75/25 between my wife and I but as its a joint application they considered 100% of net profit) but they needed at least 2 years of accounts to check that profit was increasing.

I highly recommend Ben @ Power Mortgages if you want a second opinion - he's been incredibly helpful for me and is currently in the process of getting our second MIP (we are still house hunting).

FWIW, 2.99% fixed for 5 years sounds like a pretty good deal to me. For comparison, the best deal Ben has found me (and I haven't found any better) for a mortgage in the region of £200-230k at 80% LTV is 2.49% on a 2 year fix.

Did the biz for me too

[TheCyclingProgrammer]

Great news!

In by christmas?

Hopefully, but I'll be happy if we've only exchanged and complete after Xmas as that's all we need to support our school application.

[Mark McBurney@CMME]

Hopefully, but I'll be happy if we've only exchanged and complete after Xmas as that's all we need to support our school application.

Brilliant, hopefully it all goes smoothly