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Mortgages

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  • Gould The Swimmer
    replied
    Originally posted by cannon999 View Post
    I was refused a 10% deposit because I am not registered on the electoral poll.. literally the only reason - otherwise my credit score was 983
    That's a big no-no. Had same problem myself even though I was on the roll. There was a mismatch in my address which meant I didn't show as being on it on whatever public record the credit rating agencies use.

    Leave a comment:


  • northernladuk
    replied
    Originally posted by Lance View Post
    YBS just gave me an AIP mortgage of far more than I'd ever borrow.
    Based purely on PAYE and dividends.

    They weren't interested in the retained profit. And very unhappy when I said I'd use DLA to fund a 20% deposit. I thought that was odd as I could easily take the cash as "dividends" and then convert to DLA after completion.
    All companies frown on loans for deposits. Even if its from the entity they're are dealing with for LTV calculation lol
    Last edited by northernladuk; 20 February 2021, 00:09.

    Leave a comment:


  • Lance
    replied
    Originally posted by Eirikur View Post
    Any other contractor here finding it difficult to get any substantial mortgage at the moment?
    Halifax is not looking at day rates and contract length anymore, only last two tax years of self assessments
    CMME says it's tulip at the moment, especially when you have a gap in company income due to COVID in the last couple of months.
    Best I was quoted so far is 1/3d of what I was quoted 18 months ago.
    Anyone who knows a lender who is still a bit flexible?
    YBS just gave me an AIP mortgage of far more than I'd ever borrow.
    Based purely on PAYE and dividends.

    They weren't interested in the retained profit. And very unhappy when I said I'd use DLA to fund a 20% deposit. I thought that was odd as I could easily take the cash as "dividends" and then convert to DLA after completion.

    Leave a comment:


  • Eirikur
    replied
    Originally posted by Martin@AS Financial View Post
    Sorry to hear this. Santander (like many other banks at the moment) are very nervous of self employed clients at the moment and require a 40% deposit at the moment I believe unless you are a existing mortgage holder with them.
    My deposit would have been 62%, (confirmed offer on curent property + savings) excellent credit rating, never missed a payment in my life, still no lenders that would take me on for more then a couple of grands

    Leave a comment:


  • Martin@AS Financial
    replied
    Originally posted by Eirikur View Post
    An update, made an offer on a property, was accepted went back to the mortgage advisor to finalise the mortgage and it was now rejected as I had no contract for a few months due to Covid last year, now I have to show last three months with continuous Ltd company income on bank statements. Have only one so far, so have to wait another two months at least for them to reconsider, so I have to withdraw my offer and take my own house (which also had an offer for full asking price on it) off the market.
    Sorry to hear this. Santander (like many other banks at the moment) are very nervous of self employed clients at the moment and require a 40% deposit at the moment I believe unless you are a existing mortgage holder with them.

    Leave a comment:


  • edison
    replied
    Originally posted by northernladuk View Post
    Yeah CMME are another one. They merged with the other one that used be suggested but I forget who they are. Whoever it is, with breaks and other complexities a broker can prove their worth.
    Contractor Financials?

    Leave a comment:


  • northernladuk
    replied
    Originally posted by edison View Post
    I hope so - I'm due for remortgaging end of this year and my LTV should hopefully be around 40% or less. I had a 6 month break in 2017 but hoping that won't be too big a factor. I used Contractor Mortgages Made Easy before and they were pretty good at finding me a go deal. I was offered a mortgage of 4.5 x 48 x 5 x day rate back then - seems mad in hindsight.
    Yeah CMME are another one. They merged with the other one that used be suggested but I forget who they are. Whoever it is, with breaks and other complexities a broker can prove their worth.

    Leave a comment:


  • edison
    replied
    Originally posted by northernladuk View Post
    Looking at the current climate this bit will have not just helped but be absolutely key to it going smoothly. Being a low risk equity rich client is mana for heaven for them so will be no surprise it's been a breeze. It's just people in slightly more complex situations they seem to be letting down at the moment.
    I hope so - I'm due for remortgaging end of this year and my LTV should hopefully be around 40% or less. I had a 6 month break in 2017 but hoping that won't be too big a factor. I used Contractor Mortgages Made Easy before and they were pretty good at finding me a go deal. I was offered a mortgage of 4.5 x 48 x 5 x day rate back then - seems mad in hindsight.

    Leave a comment:


  • northernladuk
    replied
    Originally posted by Eirikur View Post
    An update, made an offer on a property, was accepted went back to the mortgage advisor to finalise the mortgage and it was now rejected as I had no contract for a few months due to Covid last year, now I have to show last three months with continuous Ltd company income on bank statements. Have only one so far, so have to wait another two months at least for them to reconsider, so I have to withdraw my offer and take my own house (which also had an offer for full asking price on it) off the market.
    Different lenders have different criteria. Some need 3 months left on the contract, some won't accept breaks over x months and that x varies. This is why a mortgage broker becomes priceless.

    Give Freelance Financials a call and see if they are aware of any providers that will accept the issues that yours didn't like.

    Leave a comment:


  • Eirikur
    replied
    Originally posted by Eirikur View Post
    Ok finally found a mortgage provider that is willing to lend me what I need, Santander in my case.
    An update, made an offer on a property, was accepted went back to the mortgage advisor to finalise the mortgage and it was now rejected as I had no contract for a few months due to Covid last year, now I have to show last three months with continuous Ltd company income on bank statements. Have only one so far, so have to wait another two months at least for them to reconsider, so I have to withdraw my offer and take my own house (which also had an offer for full asking price on it) off the market.

    Leave a comment:

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