Contractor Financials - Opinion On Client Service Received

**JB3000** · 15 September 2015, 05:43

Originally posted by Keyser Soze View Post

Evening All,

We are in the position of trying to help my sister in law get a property for her and her 2 young girls after their father decided to sell the house that they lived in despite their mum being willing to take on the negative equity. Not a great situation. They were due to move in on Friday, but the lender are refusing to release the funds as I will be renting to my sister in law.

I had read this in the terms and conditions and challenged Contractor Financials on it. I received an email back stating that 'there won't be an issue here' on 14/08.

On 09/09 I receive a call from my solicitor stating that the lender are refusing to progress the agreement as I will be renting to family.

Since then I have emailed daily, called frequently to my original contacts and also to a manager. The majority of the time I am told that the people that I am looking for are :

On holiday
On lunch
On another call
Left for the day

I am leaving deadlines for my calls / emails to be returned by yet this has minimal effect.

So you applied for a residential mortgage? If so, you shouldn't be letting it out, surely?

**SueEllen** · 15 September 2015, 06:47

Even if it was a BTL mortgage they don't like you renting it to relations.

Now if the sister-in-law was divorced from the father she wouldn't legally be a relation. However the children would be....

**Keyser Soze** · 15 September 2015, 08:46

Originally posted by JB3000 View Post

So you applied for a residential mortgage? If so, you shouldn't be letting it out, surely?

Hi. No i applied for a buy to let. Was 100% honest in who i was renting to ( my wife's sister who is separated from her partner, who is the father of the girls ).

I queried the renting to family point, and have it in writing that it was ok as they had confirmed it all.

Now the lender is saying no, so I am left in a situation and trying to get Contractor Financials to resolve the issue, is proving extremely difficult.

Looking for a bit of honesty .

KS

**JRCT** · 16 September 2015, 10:42

The customer service from Contractor Financials is one of the most appalling I've ever had.

I wish I'd never used them and I never would again.

**northernladuk** · 16 September 2015, 11:08

BTL is based on assure short hold tenancies and guaranteed income from this which makes the risk worthwhile. Once you start including family that all goes out the window and payment cannot be guaranteed or contracted so you can see why a BTL is not suitable when families are involved.

Check the wording in the contract. I thought there were clauses detailing tenancy agreements this in the T&C's? I could be wrong but when I did my last BTL it was mentioned.

And IMO although it's caused problems you did the right thing. It would cause a lot more problems if you were found to be in breach of the terms of the mortgage further down the line.

**JB3000** · 16 September 2015, 21:44

Originally posted by JRCT View Post

The customer service from Contractor Financials is one of the most appalling I've ever had.

I wish I'd never used them and I never would again.

Should have used: Freelancer Financials

They are very quick and helpful

**psychocandy** · 17 September 2015, 08:03

Sounds like Contractor Financials said it would be OK without thinking about it and now its all gone wrong. Sounds very much like they've screwed up and are doing their best to hide from you now.

Very poor I must admit. After hearing this, would certainly put me off ever using them - I hate companies who "hide" like this. Man up and try and sort the problem out.

Good for you for posting about them too. Should be a bit of a blow to their business if enough people see this.

Of course, be good if you post updates if they do eventually come good.

**JRCT** · 17 September 2015, 08:30

Originally posted by psychocandy View Post

Sounds like Contractor Financials said it would be OK without thinking about it and now its all gone wrong. Sounds very much like they've screwed up and are doing their best to hide from you now.

This is EXACTLY what they did to me. My term would have taken me over normal retirement age, which was not a problem when I had my offer, then the lender was considering changing their criteria, generally, and things were put on hold. It was me that ended up chasing the lender to find out what was happening, what they needed from me, if there was anything I could do, etc. CF were all suddenly unavailable whenever I called them. I earned their commission.

This was one of a few problems that they should have sorted out that I ended up doing so. Truly awful.

**Keyser Soze** · 18 September 2015, 21:39

Originally posted by psychocandy View Post

Sounds like Contractor Financials said it would be OK without thinking about it and now its all gone wrong. Sounds very much like they've screwed up and are doing their best to hide from you now.

Very poor I must admit. After hearing this, would certainly put me off ever using them - I hate companies who "hide" like this. Man up and try and sort the problem out.

Good for you for posting about them too. Should be a bit of a blow to their business if enough people see this.

Of course, be good if you post updates if they do eventually come good.

So the deal fell through on the very point i questioned 5 weeks ago. My own opinion is that they didn't follow the query through to BM.

I have been dealing with their head of compliance after I simply stated that i would hold until someone was available. To be fair she has been excellent. Valuation refund back when requested, £50 M&S vouchers, updates when requested etc.

However, the girls are now stuck in a 1 bed studio flat with no idea when or even if they will get to move in to their home.

The stress and frustration they have caused is horrendous.

KS

Contractor Financials - Opinion On Client Service Received