Contractor Financial - A Review!

[slice16]

Hello All,

I thought I would drop a quick message to really give a recommendation over regarding Contract Financials. There have been various posts of the past few months about who is best to use for a contractor getting a mortgage. I cannot recommend CF highly enough!

So a little background, I have been contracting around 2.5 years, with around 10 years experience in my field. Although I didn't have two years of accounts due to various LTD company structures (joint venture with a friend), and a good friend doing my accounts.

I approached CF and was contacted by Leigh, who talked me through the whole process, what needed to be changed, how the mortgage will be structured between me being an LTD Director and the misses being in full time employment. She then managed to get us an agreement in principle within what felt like a matter of hours.

The total money we could have borrowed was basically day rate over 48 weeks multiplied by 5 (maybe 4) years. Which was an astronomical amount. However we settled for something a bit more manageable. So we put an offer in a house, and everything went through a dream with the Halifax.

After a number of drop outs between the vendor and us, our offer expired and the process started again. This time, Leigh and the team were able to get a new offer on a new house sorted, survey and all with minimal input from us. We completed within within 6 weeks on the new property.

They even sorted out all our insurance requirements!

Definitely worth giving them a shout.

[Troll]

However we settled for something a bit more manageable.

Tsk rookie mistake - you should have gone for the max and bought something in London

[psychocandy]

The total money we could have borrowed was basically day rate over 48 weeks multiplied by 5 (maybe 4) years. Which was an astronomical amount. However we settled for something a bit more manageable. So we put an offer in a house, and everything went through a dream with the Halifax.

So day rate x 5 (days per week) x 48 (weeks in year) X 5 years? So basically rough gross income for 5 years?

Flippin heck could buy half of wales for that! What sort of rate did you get though?

Does it compare favourably with that offered to normal people?

[MaryPoppins]

If these are the same lot as Contractor Money, I wholeheartedly agree. They're ace.

[rd409]

Other side of the story

My experience with CF was good only when they communicated.

However, that did not happen a lot, and I had to write numerous emails, and call them everytime I was promised to get a call back. This is just to give out my experience.

[SlipTheJab]

So day rate x 5 (days per week) x 48 (weeks in year) X 5 years? So basically rough gross income for 5 years?

Flippin heck could buy half of wales for that! What sort of rate did you get though?

Does it compare favourably with that offered to normal people?

I'm a contractor donch'ew'neuw!

[MaryPoppins]

My experience with CF was good only when they communicated.

However, that did not happen a lot, and I had to write numerous emails, and call them everytime I was promised to get a call back. This is just to give out my experience.

That's a shame, as on both occasions having dealt with them, I've found them fantastic at keeping in touch. Maybe I'm nicer to speak to than you.

[SlipTheJab]

My experience with CF was good only when they communicated.

However, that did not happen a lot, and I had to write numerous emails, and call them everytime I was promised to get a call back. This is just to give out my experience.

I had the same problem, days to reply to simple queries, sending the wrong mortgage details etc which I had to chase up, seemed like a very aloof service, so much so that I decided it wasn't worth it and just went elsewhere. Wouldn't use them again.

[alphadog]

My experience with CF was good only when they communicated.

However, that did not happen a lot, and I had to write numerous emails, and call them everytime I was promised to get a call back. This is just to give out my experience.

That was my experience too. After getting a quick agreement in principle, it was all down hill from there. To be fair, it took us a while to make an offer and get our ducks in a row. However, everytime I seemed to have to speak to a different person and ultimately the mortgage deals they had available weren't the best options available to us.

[Mincepie]

They sorted my mortgage before Christmas and got me a competitive rate and always responded when needed