Originally posted by Power Mortgages Ltd
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: BTL Mortgage with no accounts
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "BTL Mortgage with no accounts"
Collapse
-
Originally posted by northernladuk View Post
Leave a comment:
-
Originally posted by Mark McBurney@CMME View PostUnfortunately pragmatism has no place in a post-MMR world, and that would have to be an entirely new mortgage application.
Your correct the term is coming to an end not the rate.
Eeven worse orginal lender no longer exists and the merged business don't support BTL business anymore. So I have to either redeem mortgage or they would force sale.
Leave a comment:
-
Originally posted by BiggieBig View Posthi,
I have only just formed my company hence no accounts to show. I do have a 6 month contract secured.
My Mortgage term is due to come to an end and I have to redeem the mortgage on a BTL property.
There's plenty of equity in the property my mortgage adviser says there's only 2 options
open to me because of my situation.... The best deal is:
3.59% fixed 2 years
+ 1k arrangement fee
Not sure if this is decent any advise ?
Also any good recommendations for self-employed advisers for BTL mortgages ?
The lender Mark mentioned at 2.99% is Clydesdale Bank, a contractor friendly lender who will use your contract rate to assess income which negates the need to reference your Limited Company accounts therefore meaning the fact you do not have 2-3 years finalised accounts is not an issue. That particular rate is reserved if you have 40% equity in the property and comes with a £1,999 fee. They also have a fee free option at 3.49% again at 60% loan to value. If you are borrowing slightly more then they have 3.69% without an arrangement fee or 3.49% with a £1,999 fee. Quite often unless you have a large loan size then the arrangement fee free options work out best over the product (2 year fixed rate in this instance) duration.
Clydesdale will also offer you free legal fees and a free valuation (which isn't very common in the BTL mortgage market) for remortgages which could be a further saving.
Hope that helps?
Leave a comment:
-
-
Originally posted by barrydidit View PostEven on BTL? I thought that was out of scope. I have slept since those days though
Leave a comment:
-
Originally posted by Mark McBurney@CMME View PostUnfortunately pragmatism has no place in a post-MMR world, and that would have to be an entirely new mortgage application.
Leave a comment:
-
Originally posted by barrydidit View PostAh right, I was pondering over this wording:
Nevertheless, the existing lender may be pragmatic and arrange an extension (either on SVR or another product) given the existing relationship.
Leave a comment:
-
Originally posted by Mark McBurney@CMME View PostI'm assuming from the post that the OP's mortgage term is coming to an end, presumably on an Interest Only mortgage, meaning there is no SVR option as it's the end of the mortgage, rather than the end of any deal?
Originally posted by BiggieBig View PostMy Mortgage term is due to come to an end and I have to redeem the mortgage on a BTL property.
Leave a comment:
-
Originally posted by barrydidit View PostWas the second option to do nothing? You would presumably roll onto your lenders standard variable rate until such time as you moved to another product - could you do this for a year and then see what products are available once you have some evidence of your earnings behind you?
You'll pay a higher rate, but £2k of product fees might not be cost effective - it all depends of the loan values.
Leave a comment:
-
Was the second option to do nothing? You would presumably roll onto your lenders standard variable rate until such time as you moved to another product - could you do this for a year and then see what products are available once you have some evidence of your earnings behind you?
You'll pay a higher rate, but £2k of product fees might not be cost effective - it all depends of the loan values.
Leave a comment:
-
Hi BB,
The only hope you have is finding a lender who either will not verify income, which is risky as there is no guarantee - if they do verify income then you're snookered; or to find a lender who will calculate your income from your contract value.
At present there are a very small selection of the latter however there are some out there. Speak with a broker as soon as you can as some mortgage lenders, particularly BTL ones, will be 'introducer only', i.e. you can only apply via a broker.
In terms of rates, probably the best contract-based product at the moment is a 2.99% 2yr fixed rate at 60% LTV, though the fee is higher at £1,999.
Good luck.
Mark
Leave a comment:
-
BTL Mortgage with no accounts
hi,
I have only just formed my company hence no accounts to show. I do have a 6 month contract secured.
My Mortgage term is due to come to an end and I have to redeem the mortgage on a BTL property.
There's plenty of equity in the property my mortgage adviser says there's only 2 options
open to me because of my situation.... The best deal is:
3.59% fixed 2 years
+ 1k arrangement fee
Not sure if this is decent any advise ?
Also any good recommendations for self-employed advisers for BTL mortgages ?Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: