Contractor mortgages

[Unix]

Most do I'm afraid, you are a bit more complicated than your average case. Find someone you are comfortable with is my best advice

Ok thanks just wanted to check I wasn't being mugged.

[northernladuk]

Most do I'm afraid, you are a bit more complicated than your average case. Find someone you are comfortable with is my best advice

But don't forget to compare prices. Last time I checked some were nearly double others.

[Emma Power Mortgages]

But don't forget to compare prices. Last time I checked some were nearly double others.

Very true! You can say these things, I can't....

[Lumiere]

You usually require 1 month left at application and they reserve the right to check at completion. This is a very general rule and can occasionally be made an exception of if you meet other lender criteria.

If they check at completion and there is no active contract, what's next?
Has it ever happened to your clients, were they able to complete the purchase?
Thanks

[northernladuk]

If they check at completion and there is no active contract, what's next?
Has it ever happened to your clients, were they able to complete the purchase?
Thanks

You talking about a situation where the purchase was delayed considerably or there wasn't long left on the gig? Once you've got the agreement and the wheels are turning you should be OK no?

[Lumiere]

You talking about a situation where the purchase was delayed considerably or there wasn't long left on the gig? Once you've got the agreement and the wheels are turning you should be OK no?

Well, the whole process can take months, especially if there is a chain. And I am normally on 2-3 month contracts, so if I get an agreement right after starting a new contract there is a good chance that when it is time to complete I either have 1 week remaining or benched for a few weeks.

[northernladuk]

IMO they will have taken all that in to account when they made the offer and they will be well aware of how long it takes to complete. I'd focus on getting your offer first rather than worrying about every eventuality.

[Lumiere]

IMO they will have taken all that in to account when they made the offer and they will be well aware of how long it takes to complete. I'd focus on getting your offer first rather than worrying about every eventuality.

I was told by several contractor mortgage specialists that it is important to have a contract when completing, but I am not entirely sure what happens if I don't. One of them said I would need to get a new mortgage offer for sure ...

[northernladuk]

I was told by several contractor mortgage specialists that it is important to have a contract when completing, but I am not entirely sure what happens if I don't. One of them said I would need to get a new mortgage offer for sure ...

Hmm that doesn't make sense. If they've asked the right questions they should already know this isn't possibility and made an offer based on this. Sounds a bit odd that. If your circumstances have changed from what was expected then I can see why you would need to reapply.

TBH you can't tie yourself up in knots about all this. You'll only know by applying.

[elouise]

Mortgages

I've recently sought advice from both Lisa at Contractor Financials and Duncan at Freelancer Financials and they've both been very helpful, if fairly slow to respond sometimes (esp CF). I've not yet found somewhere but would be happy to go with either. Contractor Financials charge £899 and FF a 'minimum' of £599.