Originally posted by BolshieBastard
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Interesting .. what are the key differences between this facility and an offset mortgage ? Who offers it ? There isn't much information in Google about it as it seems, or this product is known under different names. -
I'm back off to contractor money again now... after speaking with a certain high street bank, with whom I have held a mortgage for 9 years, never missed a payment, banked with for 35 years, have full access to my personal accounts... who have refused an additional 50k (which would take it to 60% LTV) because I've "only been self employed for 1.5 years" and they need 2 years accounts. Gnnnnnaarrrggggghh c**ts."Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "
Thomas JeffersonComment
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Freelancer Financials - speak with Ryan. Top guy and can work all the options.Originally posted by Ruprect View PostComment
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I've been in contact with some guy at AS Financial regarding my options to be able to get a mortgage in my current situation (pretty new to contracting). I just need to get a general idea of the conditions I might be able to obtain, but in order to get any information I've been asked to provide them with:
- If it is a joint app (there details as well)
- Full name as per passport
- DOB
- Nationality length of visa if you don’t have perm rights to reside
- Length of time contracting
- Daily rate
- Previous occupation and co details when you where perm
- Details of any break over one month in the last 2 years
- Length of time contracting
- No of ltd c accounts
- Salary and dividend
- Last 3 years of address history inc dates
- Deposit that you wish to put down and ideal purchase price
- No of dependents
- Outgoings – school fees, nanny fees, loans, cc’s (amount outstanding, monthly payment and lender
Is all this really necessary? That seems like a lot of personal and private information.
Some of it I understand (rate, length of contract, deposit, savings...) but other I'm concerned (full name, DoB, 3 years of addresses...)
I don't want to start a mortage application, just to get some information, like for example, which kind of interest rates vs. traditional hight street mortgages are we talking about.
Is it always like that? I just want to know the interest rate contractors are able to get nowadays and stuff like that. Aproximate figures.Comment
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Cheers chimpy will give him a goOriginally posted by ChimpMaster View Post"Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "
Thomas JeffersonComment
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Hi AnotherGuy,Originally posted by AnotherGuy View Post
It's maybe not 'necessary' but it's certainly prudent for AS Financials to have asked for the above, in order to find the most suitable options for you. Things that may seem irrelevant can actually help with certain lenders' criteria, date of birth helps with knowing retirement age and therefore affordability with lenders, address history helps as there are some who will not lend if there is a foreign address in the last three years, for example.
It's better to be more involved at this stage and make sure that when the time comes to make an application, your broker has been able to check every detail of the case with that lender, rather than getting a nasty surprise either just before or worse, just after submitting your application.
Good luck.
MarkComment
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Originally posted by AnotherGuy View Post
Thanks Mark - thats really kind.
Another Guy - the reason that I have asked you for your information is that like all the other Advisers on this forum, we work on a full advice and recomendation basis. This means that in order to do my job properly, I need to be able to understand your situation in detail. I am not in the habit of cutting corners and jeopardising your future purchase.
The obvious benefit for you is that when you do find your home, your application is processed efficiently therefore minimising the time from mortgage application to full mortgage offer. Not only does this keep the estate agent happy, but your vendor remains confident in you as a puchaser, reducing the chances of you being gazumped.
Surely it is to your advantage that I fully understand your situation rather than quote you lots of rates that you do not qualify for?Comment
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Why do you think giving someone your full name is unnecessary? Surely you would do that out of courtesy, more than anything else.Originally posted by AnotherGuy View PostComment
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Well, in isolation, it is totally fine, but my point is, there are lots of personal details in that list and surely I don't want anybody to submit any mortgage application on my behalf or do any credit check that might leave a mark in my history (being my credit history perfect as of today, just in case someone is wondering).Originally posted by JRCT View Post
Specially when I said clearly that I just wanted to get rough information. Not that I'm actually on the rush for a mortgage, like everybody out there seems to be.
For example, 3 years of addresses with dates can be summarise in: more than 3 years living in the same UK city. Does it really matter dates and addresses at this stage? If it is to know if I've been living abroad, then just asking straight is enough.
"Date of birth"? Why don't just ask for my age?
"No of ltd c accounts"? What does that even mean?
Etc.
Anyway. It is my opinion.Comment
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Why don't you point out your concerns to the broker rather than state them here.
Explain clearly why you don't want to provide full details as you don't want them to do a credit search.
Though not calculating and stating your expenditure, telling them how long you have been a contractor and how many years of made up accounts you have isn't going to allow them to help you.
Oh and if you don't understand something like the number of limited company accounts again ask the broker.Last edited by SueEllen; 21 April 2015, 04:43."You’re just a bad memory who doesn’t know when to go away" JRComment
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