BTL mortgage: Freelancer Financials or Contactor Financials

[CChann]

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

Not sure, but I found CF from CUK
IT Contractor Mortgages Information and Quotation :: Contractor UK

CUK admin took my details and got in touch with CF and my emails are being answered now by CF.

[Daventry]

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

So even though they have just instructed the valuation, it could take months before the final approval?

[Mark McBurney@CMME]

So even though they have just instructed the valuation, it could take months before the final approval?

Depending on the lender - some lenders instruct survey ASAP, some leave it until after the bulk of the underwriting has been done.

With Halifax, as an example, they instruct the valuation almost instantly on receipt of an application, and aim to have completed underwriting by the time it is received, typically a couple of weeks later, but any problems or questions arising from underwriting would mean that the valuation comes back some time before mortgage approval is granted, yes.

[Daventry]

Depending on the lender - some lenders instruct survey ASAP, some leave it until after the bulk of the underwriting has been done.

With Halifax, as an example, they instruct the valuation almost instantly on receipt of an application, and aim to have completed underwriting by the time it is received, typically a couple of weeks later, but any problems or questions arising from underwriting would mean that the valuation comes back some time before mortgage approval is granted, yes.

I'm very unlucky!
My broker told me that Halifax had decided to wait for the underwriting to be completed before instructing the valuation because sometimes their head office pick random cases for audit...

[MikeP]

FWIW, I had some dealings with both and can recommend FF all the way.

I initially went for CF as they were promoted on the PCG site, but in my experience their very first response was a bit unprofessional and it just deteriorated from there. FF contacted me from some web form I completed to get a quote, and turns out they were totally on the ball.

We had to complete quickly as the move was unexpected and my wife was heavily pregnant. Decided to go with FF, and the lady pulled out all stops, as did our solicitor, and we turned the whole process from viewing to completion around in 5 weeks. Yes I paid a fee but it was worth every penny.

[Daventry]

My broker just told me the mortgage application has been approved. So it's taken 2 months and nine days.

[CChann]

My broker just told me the mortgage application has been approved. So it's taken 2 months and nine days.

Congratulations,my survey is booked for next Monday, I hope I'll have an approval too

[Daventry]

Congratulations,my survey is booked for next Monday, I hope I'll have an approval too

Now my problem is that mortgage offer expires on 30th September and my vendor hasn't found his new place yet - and he did accept my offer by end of March...

The mortgage offer says that after 30th September I should contact them to make new arrangements. My wife has been told by her coworkers that the lender will do all the checks again. Is this true?

I hope not because it would mean that now that MMR has kicked in it would take even longer to get a new offer...

[CChann]

Now my problem is that mortgage offer expires on 30th September and my vendor hasn't found his new place yet - and he did accept my offer by end of March...

The mortgage offer says that after 30th September I should contact them to make new arrangements. My wife has been told by her coworkers that the lender will do all the checks again. Is this true?

I hope not because it would mean that now that MMR has kicked in it would take even longer to get a new offer...

if you have only had your offer now this means already MMR has taken place with your application already so even if they check again you should be ok, did you speak to vendors and explain the situation that your offer is valid only until end of september?some vendors don't mind renting for few months, so it may be worth talking to them

[Daventry]

if you have only had your offer now this means already MMR has taken place with your application already so even if they check again you should be ok, did you speak to vendors and explain the situation that your offer is valid only until end of september?some vendors don't mind renting for few months, so it may be worth talking to them

I told the estate agent. I don't have the vendor contact details but obviously I know where he's living now so I could slip a note under his door and let him know about the situation.