Getting a new Mortgage

[ELBBUBKUNPS]

Do brokers charge these days, as last time I used one they didn't as they get coms from the Mortgage company itself, think I used ContractorFinancials ? Other options is talk to the broker gets as much info off them as you can regardings lenders then approach the lender yourself.

I once used a broker years back and I had to send all my orginal paperwork to the broker the broker then proceeded to lose all of this, sometimes brokers useful but its another person in the chain to deal with.

[Guest]

Thanks everyone for your pointers. Very interesting. I've already been directly contacted by a broker who's seen this posting, and I'll be trying some secondary routes also for comparison.
Once again, many thanks all.


Nige

[TestMangler]

Was this after the tirade of abuse and swearing or around the time you locked your hands around his throat?

Now Now NLUK, you must have me confused with someone else

They had provision in their standard menu items and 'Self Employed' and 'Company Director' were two entirely different things. And the mortgage consultant seemed to be fully understanding of the difference. (Not aimed at you NLUK)

[kaiser78]

You could of course try the search using the options as outlined in the thread below. Am sure you will find answers to all these questions and many you haven't thought of in the many 100's of threads on this exact topic..

Welcome / FAQs

WNLUKS - Barclays and Santander offer mortgages to contractor/ltd setups.

[Power Mortgages Ltd]

WNLUKS - Barclays and Santander offer mortgages to contractor/ltd setups.

Every lender offers mortgages to contractors who are utilising their own Limited Company. They do not care that you are a contractor if you can prove your income by way of (normally) a minimum of 2 years accounts. They are no assessing you as a contractor but as a Limited Company Director.

The only time it really becomes relevant that you are a contractor, is if you are looking for a contractor mortgage, i.e. a mortgage based upon your contract rate and I can confirm neither Santander, nor Barclays (anymore - they stopped around September 2011) offer mortgages based upon a multiple of your contract rate so if you approach either of those lenders, they will expect to see accounts and will work from your salary and dividends from those accounts. Woolwich(Barclays) can sometimes use retained profit in their calculations but that is not their standard criteria.

[Freelancer Financials]

It's important to point out that, if you approach a specialist contractor mortgage broker, they don't just look at your options based on your contract rate alone. Well we don't anyway. They will look at all options including your self-employed status, which involves looking at your accounts as well. Let's be clear, if your accounts stack-up in terms of salary and dividends or net profits you have far more options.

A good mortgage specialist will look at ALL options.

[dmini]

I used ContractorMoney a few years back at the start of the latest crash - we had an "unusual setup" consisting of myself - OP on very little (small salary for admin at that time) , and my parents who were over 75 as tenants in common. They managed to find and sort out a mortgage for us - albeit very time limited due to parents age. I don't believe we could have negotiated that ourselves! Even the amount of paperwork was minimal that we had to complete. I couldn't fault them - they were fantastic!

[Freelancer Financials]

I used ContractorMoney a few years back at the start of the latest crash - we had an "unusual setup" consisting of myself - OP on very little (small salary for admin at that time) , and my parents who were over 75 as tenants in common. They managed to find and sort out a mortgage for us - albeit very time limited due to parents age. I don't believe we could have negotiated that ourselves! Even the amount of paperwork was minimal that we had to complete. I couldn't fault them - they were fantastic!

It's great to see someone appreciates the services of a mortgage specialists.