BTL mortgage: Freelancer Financials or Contactor Financials

[Barley]

Update:

19/5 - Initiated application with CF. KFI received, confirmed to go ahead
20/5 - CF requested lots of documentation (to cover all outcomes / possible requests from lender)
22/5 - Confirmation from CF all required documentation received
23/5 - Mortgage application sent to lender
27/5 - Loan approved? valuation instructed (confirmed by CF, havnt had contact with lender)

Seems to be going pretty smoothly for me so far.

I understand the lender in question has had a lot of criticism for delays so I will put pressure there if I need to.

[Daventry]

Update:

19/5 - Initiated application with CF. KFI received, confirmed to go ahead
20/5 - CF requested lots of documentation (to cover all outcomes / possible requests from lender)
22/5 - Confirmation from CF all required documentation received
23/5 - Mortgage application sent to lender
27/5 - Loan approved? valuation instructed (confirmed by CF, havnt had contact with lender)

Seems to be going pretty smoothly for me so far.

I understand the lender in question has had a lot of criticism for delays so I will put pressure there if I need to.

Congratulations. Your broker is doing his/her job.
I'm still waiting for the valuation to be instructed since I sent all the documents on 1st April. Yes, almost 2 months ago.
The funniest thing is that CF take the valuation money out of your account right away. And they don't submit your application to the lender if you don't give them your credit card details...

[Mark McBurney@CMME]

Congratulations. Your broker is doing his/her job.
I'm still waiting for the valuation to be instructed since I sent all the documents on 1st April. Yes, almost 2 months ago.
The funniest thing is that CF take the valuation money out of your account right away. And they don't submit your application to the lender if you don't give them your credit card details...

In defence of Contractor Financials for a second (even though from a rival firm that may sound odd but bear with me!), a lot of lenders will not accept an application without the card details for valuation - it is the lender remember who instructs this, not the broker, as it has to be the lender's chosen surveyor that carries out the valuation.

Really, the fee for the valuation should be the last piece of information that is taken prior to the full mortgage application being submitted, so this isn't something that CF are doing wrong, or have a unique way of doing.

[Daventry]

In defence of Contractor Financials for a second (even though from a rival firm that may sound odd but bear with me!), a lot of lenders will not accept an application without the card details for valuation - it is the lender remember who instructs this, not the broker, as it has to be the lender's chosen surveyor that carries out the valuation.

Really, the fee for the valuation should be the last piece of information that is taken prior to the full mortgage application being submitted, so this isn't something that CF are doing wrong, or have a unique way of doing.

Fair enough then.
They've just told me the valuation has been instructed - no date confirmed though.

[Mark McBurney@CMME]

Fair enough then.
They've just told me the valuation has been instructed - no date confirmed though.

Hi Daventry, the valuation being instructed, and the valuation being booked are two different things. The lender will confirm that the valuation has been instructed when they've passed the instruction to their surveyor. They will then contact the agent/vendor/homeowner if it's a remortgage to arrange the valuation directly.

[CChann]

Fair enough then.
They've just told me the valuation has been instructed - no date confirmed though.

OMG,nearly 2 months!!!!!.This is freaking me out there is no way my vendor would wait that long.
With a bit of intervening from CUK admin yesterday CF did move my application a bit forward and have just confirmed all the documentation has now been submitted to the lender , no valuation has been instructed yet.

[ChimpMaster]

OMG,nearly 2 months!!!!!.This is freaking me out there is no way my vendor would wait that long.
With a bit of intervening from CUK admin yesterday CF did move my application a bit forward and have just confirmed all the documentation has now been submitted to the lender , no valuation has been instructed yet.

Am I missing something here? Is CF owned by CUK?

[Support Monkey]

Oh Dear and I thought it was just me: aplication went in first week of february, received offer today

17 weeks almost, 7 times I was told the mortgage had gone for credit check and final assessment.

Whilst CF have not been the most efficient, what I would say it does not appear to be entirely their fault, since MMR kicked in all mortgage applications are now taking considerably longer because they are double checking everything, we had a call from the purchaser of our property and she was in the same boat with Abbey and 2 months in she as not had a survey done and she also told us the purchaser of her house was the same with woolwich, the estate agent I am dealing with says the mortgage market as almost ground to a halt.

So if you need a mortgage in 2015 you probably need to apply for it now

[Sausage Surprise]

I went through the lot of them last year over a period of 6 fruitless months. Then found Ben @ PowerMortgages and it was sorted in a matter of weeks. Fee discounted for CUK members too

[Support Monkey]

OMG,nearly 2 months!!!!!.This is freaking me out there is no way my vendor would wait that long.With a bit of intervening from CUK admin yesterday CF did move my application a bit forward and have just confirmed all the documentation has now been submitted to the lender , no valuation has been instructed yet.

you probably need to point out to the vendor if they pull out and goes with someone else who needs a mortgage they will have to wait just as long.