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Contractor mortgages

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    #31
    That's...expensive!

    Speak to Ben at Power Mortgages.

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      #32
      Just used Freelancer Financials...

      Cost £599

      Service was good and they did what I paid them to do. Was a much simpler process than the alternative. Still think £599 is a tad over priced for what they actually do.

      But they told me the cost, we agreed it and the service was provided. No complaints!

      Now just waiting for the free legals that came with the mortgage offer to actually pull their finger out and get it all completed <modsnip>
      Last edited by NotAllThere; 28 April 2016, 05:11. Reason: No winking in the professional forums

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        #33
        Check their renewal costs as well. A lot will reduce their fees on subsequent mortgages. Mine knocks a 1/3 off

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          #34
          Originally posted by dx4100 View Post
          Just used Freelancer Financials...

          Cost £599

          Service was good and they did what I paid them to do. Was a much simpler process than the alternative. Still think £599 is a tad over priced for what they actually do.

          But they told me the cost, we agreed it and the service was provided. No complaints!

          Now just waiting for the free legals that came with the mortgage offer to actually pull their finger out and get it all completed <modsnip>
          I went with them also, they got me a great rate < 2%, and based off of day rate. The £599 is worth not having to do the legwork.

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            #35
            Just completed on my house last week.

            Went direct to the Halifax, made sure they put the application through as self employed rather than as a contractor and supplied 3 years SA302s. 2.64% 5 year fix with no fee and £500 cashbasck on a 60% LTV.

            Not hard if you know what you're doing or are able to use google.
            Have you tried switching it off and back on again??

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              #36
              Originally posted by Intel View Post
              Just completed on my house last week.

              Went direct to the Halifax, made sure they put the application through as self employed rather than as a contractor and supplied 3 years SA302s. 2.64% 5 year fix with no fee and £500 cashbasck on a 60% LTV.

              Not hard if you know what you're doing or are able to use google.
              Looks like that product is 2.54% on Halifax now

              Hope you did your maths as to whether paying the fee and getting a better rate across 5 years was worth it or not? (if your mortgage is still over 100k it probably would have been)

              Comment


                #37
                Originally posted by Lumiere View Post
                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
                I'll be very honest in the years I have been doing this, no it hasn't. It would be wrong of me to not make you aware of the possibility though.

                What gives the lenders comfort to lend to contractors is that the renewal basis is high and most find new contracts very quickly after one ends (that is my job to prove by proven history, desirable qualifications etc). If you were in a situation where you didn't think this was possible, should you be committing yourself to such a large financial commitment?

                Contingency planning is something that can be taken into consideration for example large amounts of retained profit, high savings balances, deposit size etc. However, a conversation around sustainability is the lenders and brokers responsibility to check for everyone's security

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                  #38
                  Originally posted by Unix View Post
                  Looking to remortgage based on my own contractor income, went to current one (Barclays) who only looked at my self assessment income which was low last year as I retain profits for warchest and split divvies. So they couldn't loan me what I need.

                  Is there a bank/company that will lend based on your actual earnings? Only snag is my contract is due to end on a few weeks but 99% sure I will get renewed. Looking fpr 85% LTV and a low rate. Also would prefer it to be a second mortgage as I have a high early repayment charge on the original one

                  P.S. NLUK please don't ask me to search
                  Martin @ AS Financial sorted me out. Was completely painless - handed over some docs to him in person, and the mortgage was agreed amazingly quickly. They have even emailed me to say the rate has come down without me prompting them. Managed to get 2.09% (85% LTV) with a nice bit of cashback on completion.

                  They don't charge a fee, which drew me to them - they ask to be recommended if you had a good service, and I certainly have so far!

                  Comment


                    #39
                    Originally posted by Intel View Post
                    Just completed on my house last week.

                    Went direct to the Halifax, made sure they put the application through as self employed rather than as a contractor and supplied 3 years SA302s. 2.64% 5 year fix with no fee and £500 cashbasck on a 60% LTV.

                    Not hard if you know what you're doing or are able to use google.
                    2.64% for 5 year fixed seems really high given you are 60% LTV. What were Virgin, Clyesdale and Coventry offering?

                    Do you think interest rates will go up (hence 5 year fix)? Or was it the hassle of remortgaging that made you go 5 year fixed?

                    What was the rate if you went down the contractor route?

                    Or is it high because this is a BTL?

                    Sorry for all the questions- most mortgages have a 30 day cooling off period so you may still be able to get out of it and get a better rate on a 2 year product.

                    Comment


                      #40
                      Just used Martin at AS Financials, offer from Nationwide received in days based on day rate, would have been fee free but mortgage only small so cost me £382
                      Last edited by gables; 10 November 2016, 10:42.

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