Contractor Mortgage

**eek** · 25 November 2020, 10:48

The great unknown is what paperwork will the renewal require.

If none then doing it via the bank is fine, if they need to reapprove things then it's easier to get a specialist to do it who will be speaking to the appropriate person at the bank rather than a random person who may not understand contracting.

**Manic** · 25 November 2020, 10:48

Originally posted by silent bob View Post

Not really sure if I've put this in the correct section, but anyway
My mortgage is due for renewal, so my contractor mortgage bloke has been in touch with some figures for my next fixed rate.
However, in my online mortgage banking app, it's offering me the same deal but a few quid less than he's quoted.
Are there any issues with me taking up the online offer?
Just wasn't sure if that was geared towards a more normal mortgage (ie. for a permie rather then contractor), and may cause me issues further down the line. Or whether they'll already know I'm a contractor as I've always been a contractor since having my mortgage with them???
Just wondering if anyone can shed any light? or have pearls of wisdom???

You could, maybe, call them?

I'd guess they are making the offer based on what they know about you.

**ladymuck** · 25 November 2020, 10:51

Definitely worth having a chat with them to understand on what basis the offer has been made and what evidence they will need to proceed.

Also mention it to your broker and see if they can get you the same deal...

**northernladuk** · 25 November 2020, 10:52

Originally posted by Manic View Post

You could, maybe, call them?

I'd guess they are making the offer based on what they know about you.

I'd say this. I've taken up the banks offer a few times and it was just a matter of a couple of signatures and done (RBS) so very simple. Going to a diff company will require the full raft of paperwork again. I'd take the bank one up all day if the rate was comparable.

**ChimpMaster** · 25 November 2020, 11:06

Originally posted by northernladuk View Post

I'd say this. I've taken up the banks offer a few times and it was just a matter of a couple of signatures and done (RBS) so very simple. Going to a diff company will require the full raft of paperwork again. I'd take the bank one up all day if the rate was comparable.

Exactly this: a product transfer is the easiest thing to do. My broker has often told me that it's quicker for me to do it myself, even though he'd get commission for doing it.

**silverlight1** · 25 November 2020, 11:18

It can prove very challeging moving the mortgage to another bank.

I remember applying for a mortage with HSBC a few years back and sitting in the bank the mortgage advisor said to me after reviewing all the paperwork and company finances showing a 10% increase in turnover year on year for almost 7 years...

"We're really sorry Mr Silverlight but we cannot offer you a mortgage because we don't beleive you can afford the monthly repayments of £550 per month"

I said "but I earn £700 in a day!!"

Wouldn't budge, ridiculous...

Recently moved to Scottish Widows bank on a 1.54 fixed 5 year offset mortgage and this was a contractor mortage and not overely painful

Happy to recomend my advisor if you DM me

**Lance** · 25 November 2020, 12:27

unless there's a really compelling reason to move then stay with the same lender and take their better offer.

And a reminder..... Check the fees for new mortgages. A very low rate, with a large entry fee, is often not good value.

**zonkkk** · 25 November 2020, 22:36

I did exactly this with Nationwide last year, after my broker didn't return my calls. Everything done online in 20min, they didn't ask for any documents. I'm on 1.19% variable rate and there was no fee. I actually got paid cashback too. No solicitor fees either as it was the same lender.

**NowPermOutsideUK** · 26 November 2020, 19:48

I’m with Halifax and always product transfer with them because I no longer meet criteria so in effect a mortgage prisoner

Halifax intermediary rates are 1.2% 60% ltv 2 year fixed but you still need a broker to submit the application otherwise they charge you more

Contractor Mortgage