Leeds BS Contractor Mortgage - recent experiences

[Crack Addick]

Hopefully a simple enough question. I have 3+ years of accounts, but as I take out a low salary & dividends to the 40% threshold, I'm after a fixed rate (and ideally offset) mortgage from someone that will either lend on an annualised contract rate or operating profit+salary routes. So wondered what peoples recent experiences are of the Leeds BS Contractor mortgage? Was the application process nice & simple or administrative hell.

Although I'm open to alternative suggestions from you good folks, but a head lining interest rate is only any good if I can actually get the mortgage.

[Mark McBurney@CMME]

Each case is different, and with most lenders making the foray into contractor criteria there can be a few teething problems, however my own personal experience has been good. Their criteria has a little more 'common sense' attached than others, and their processing speed is not too bad.

Some of our early cases a few months ago were a little problematic however this was largely down to some miscommunication with how they were assessing certain areas, since we've ironed this out I haven't experienced any further issues. The thing to bear in mind is that they do offer alternate rates for contractors to their standard rates, however, so don't be too lured in by rates as it's incredibly difficult to obtain one of their regular rates as a contractor, if you don't draw enough in salary/dividends.

[Crack Addick]

Mark, thanks a lot for the information. As you say this was something new, so it's perfectly understandable that there would be a few issues to be ironed out and it sounds like things are now working as expected.

Now I just need to find that house!

[Freelancer Financials]

Hopefully a simple enough question. I have 3+ years of accounts, but as I take out a low salary & dividends to the 40% threshold, I'm after a fixed rate (and ideally offset) mortgage from someone that will either lend on an annualised contract rate or operating profit+salary routes. So wondered what peoples recent experiences are of the Leeds BS Contractor mortgage? Was the application process nice & simple or administrative hell.

Although I'm open to alternative suggestions from you good folks, but a head lining interest rate is only any good if I can actually get the mortgage.

The best Offset mortgage rates at the moment are from Scottish Widows:

They're also Fixed Interest Rates with offsetting:

60% LTV - 1.79%
75% LTV - 2.29%
80% LTV - 2.49%
85% LTV - 2.89%

They will utilise your contract rate as well.