Specialist Contractor Mortgage Brokers

[l35kee]

Just had a read through some of the other posts on the subject (very useful for a newbie like myself!), wanted to double check a couple things, and especially lean on any recent experience..

So new to contracting, current mortgage obtained while a permie. I actually got that mortgage through London and Country broker. Free as they charge the mortgage provider, not me.

Looking to move pretty soon, and seems like going through a specialist broker is the right idea. The contractor ones seem to charge a rate for obtaining an offer though. For those of you who have gone through this process.. are the contractor brokers all like this, and charge a fee?

Happy to pay it if so, had a brief chat with one of them earlier and the experience was good!

[northernladuk]

Yes they do but I believe some are quite a bit more expensive than others. I'd recommend Freelancer Financials as I've used them on a number of occasions. The contractor mortgage rate they got me was on a par with normal ones so we'll worth the money IMO.

If everything is straight forward and you are in a simple situation you might wonder why you have to pay but if you have breaks in the last few years or don't have long in your contract they earn their crust finding a provider that has criteria you meet.

[l35kee]

Yes they do but I believe some are quite a bit more expensive than others. I'd recommend Freelancer Financials as I've used them on a number of occasions. The contractor mortgage rate they got me was on a par with normal ones so we'll worth the money IMO.

If everything is straight forward and you are in a simple situation you might wonder why you have to pay but if you have breaks in the last few years or don't have long in your contract they earn their crust finding a provider that has criteria you meet.

Yeah, moved from permie this year and couple months into my first contract now. Sounds like best to use one. I spoke to the guys who I saw sponsor the IPSE freelancer day (as a basis for some kind of trust!) Their fee is £145 more than the £750 Freelancer Financials suggest they charge though... hmmm

[Darren at Fox-Bartfield]

Mortgage

If going through the broker doesn't save you as much as their fee, then not cost effective. We have our own internal IFA team that deals with these things inhouse, they do tend to be able to help when things are not quite straight forward as @NLUK mentions or find other deals that you may not otherwise find.

But if you get the same deal without having to cough up, then even better!

[VillageContractor]

Got an email today about being able to get a mortgage 5.49 of my annualised contract rate - I thought the most going was around 4.5. Anyone ever got 5.5?

[Guesstimator]

Yes they do but I believe some are quite a bit more expensive than others. I'd recommend Freelancer Financials as I've used them on a number of occasions. The contractor mortgage rate they got me was on a par with normal ones so we'll worth the money IMO.

If everything is straight forward and you are in a simple situation you might wonder why you have to pay but if you have breaks in the last few years or don't have long in your contract they earn their crust finding a provider that has criteria you meet.

I echo this

[css_jay99]

I used London and Country 4yrs ago for a remortgage.

I am now thinking of taking some equity out of the current property, converting it to a BTL and then buying somewhere else.

Would L & C be able to handle this or am I certainly better off with specialist?

[ChimpMaster]

Freelancer Financials are great.

Ask for Ryan. Knows the market and understands you as a contractor.

Well worth the fee.

[northernladuk]

I used London and Country 4yrs ago for a remortgage.

I am now thinking of taking some equity out of the current property, converting it to a BTL and then buying somewhere else.

Would L & C be able to handle this or am I certainly better off with specialist?

Have you asked them?

[Neil SuperContractors]

Just had a read through some of the other posts on the subject (very useful for a newbie like myself!), wanted to double check a couple things, and especially lean on any recent experience..

So new to contracting, current mortgage obtained while a permie. I actually got that mortgage through London and Country broker. Free as they charge the mortgage provider, not me.

Looking to move pretty soon, and seems like going through a specialist broker is the right idea. The contractor ones seem to charge a rate for obtaining an offer though. For those of you who have gone through this process.. are the contractor brokers all like this, and charge a fee?

Happy to pay it if so, had a brief chat with one of them earlier and the experience was good!

It's always good to shop around and see the range of fees being charged by brokers. Not all contractor mortgage brokers charge a fee, for example we don't charge one. We earn commission from the lender (just like the majority of brokers), so we don't see the need to charge anything additional.