BTL mortgage: Freelancer Financials or Contactor Financials

[ICantStop]

I’m very disappointed with Contractor Financials.

I emailed and posted all my documents through Special Delivery. They received them next day at 8:45 am. A week later the person handling my case asked me again for my passport!!
Next week they asked me again to send over my contract and my bank statements.

So looks like they submitted all the papers to the lender 10 days after I sent everything over.

Last week lender asked for my contract extension which I had already sent to CF along with the original one. Anyway they asked me to send it again. This time I didn't bother complain.

At least my solicitor sends me an email every Monday even if there's no updates.

I have had a similar experience, they would request documents from me which they had already received a week earlier. Took an absolute age to get the application submitted due to their disorganisation.

[ICantStop]

I'm concerned reading this thread, started BTL application process 3 days ago with CF, due to be submitted to lender tomorrow.

Unlike the above, everything has run smoothly so far, they've sent numerous emails in a timely manner to request outstanding items, they've also been easy to contact by phone.

My application is relatively clean and simple, should I be worried, consider routing it through another intermediary at the 11th hour?

If they do end up submitting tomorrow, then that's the hard bit over.

But don't be surprised if you hear nothing for a few days, and then when you chase them, they tell you they are still waiting for your documents...

[ChimpMaster]

I'm concerned reading this thread, started BTL application process 3 days ago with CF, due to be submitted to lender tomorrow.

Unlike the above, everything has run smoothly so far, they've sent numerous emails in a timely manner to request outstanding items, they've also been easy to contact by phone.

My application is relatively clean and simple, should I be worried, consider routing it through another intermediary at the 11th hour?

Looks like you have covered the hard ground already so hopefully you will be OK from now on. The lender themselves can take a while to process applications so expect some delay here, but that is normal.

To have started 3 days ago and have your application submitted is very fast, but like you say it could be due to having a simple application. I dunno though - I didn't consider my application to be complicated in any way.

Certainly don't worry now, you should be ok from hereon in.

[Barley]

Thanks, think I'll keep the pressure on to keep up the mumentum

[Daventry]

Thanks, think I'll keep the pressure on to keep up the mumentum

Maybe you've been lucky and are dealing with a helpful person at the other end

[NorthWestPerm2Contr]

Have you tried Martin at AS financials?

[Gordon Ice]

We're having a torrid time with Contractor Money/Financials trying to organise a mortgage with Scottish Widows. To be fair the majority of the blame "probably" lies with the mortgage provider but we're not exactly inundated with proactive updates, we struggle to get clarity about the issues or the process we should expect to follow, and there's no sight of solid date commitments when things will be resolved. Not overly impressed to be honest.

Considering moving our business to Freelancer Financials (FF) or another alternative. Who are you struggling with?

Thanks for sharing.

-- UPDATE --
Problem resolved for us at long last but it remains to be seen how slick the remaining part of the process is. A point of note for those out there wondering if there is any material difference (other than service) between CF and FF should note that there is - the fees. Whilst both CF and FF earn roughly the same amount by arranging the mortgage, CF gets paid solely by the lender whilst FF gets part from the lender and PART FROM YOU (circa £500). Pick your poison then, good service for £500 or a lesser service for free.

[jamesbrown]

-- UPDATE --
Problem resolved for us at long last but it remains to be seen how slick the remaining part of the process is. A point of note for those out there wondering if there is any material difference (other than service) between CF and FF should note that there is - the fees. Whilst both CF and FF earn roughly the same amount by arranging the mortgage, CF gets paid solely by the lender whilst FF gets part from the lender and PART FROM YOU (circa £500). Pick your poison then, good service for £500 or a lesser service for free.

If you tell FF you came from CUK, they will wave the fee (at least, they used to). Win-Win

[CChann]

on the same boat

I'm on the same boat,my application has been submitted to the lender according to CF on 15 May so far no valuation has been done on the property we are buying , broker at CF never replies to emails and when I call they will say broker is on the other line or she isn't available and she will call back but she never does, I'm extremely unhappy with them.Is it possible to switch to FF now as the application has been submitted to the lender?

[CChann]

I'm on the same boat,my application has been submitted to the lender according to CF on 15 May so far no valuation has been done on the property we are buying , broker at CF never replies to emails and when I call they will say broker is on the other line or she isn't available and she will call back but she never does, I'm extremely unhappy with them.Is it possible to switch to FF now as the application has been submitted to the lender?

Update:CF just come back asking for the documents I have given them last week ,I'm now tempted to cancel the application and start a new one through FF or AS Financial.

I got in touch with them on 8 May , they took a week to submit my application ,money for valuation has been taken out from my account on 15 May but no valuation has been done and I feel I'm no where near valuation. The property is still being shown to buyers as no valuation has been done ,I'm scared of losing the property because of CF.