Reply to: Specialist Contractor Mortgage Brokers

[anons]

Congrats!

Mortgage offer came through today, a full week after applying for it. Cue gasps from friends still in permie world who told me I'd need three years of accounts (instead of the 2 months I actually have)

Congrats! which broker did you go with?

[l35kee]

Mortgage offer came through today, a full week after applying for it. Cue gasps from friends still in permie world who told me I'd need three years of accounts (instead of the 2 months I actually have)

[css_jay99]

The process for me was that the broker gave me an illustration of the mortgage I could get based on my circumstances. No credit check etc required.

I then went looking for properties as I knew what kind of prices I was looking for.

Found a house, put in an offer which was accepted. The broker then got me the offer in principle (like 30 mins after I asked), which is says that they are willing to give me what I asked for, assuming I'm telling the truth and nothing changes.

I'm no expert, but I guess he wants to hold off the offer in principle to avoid the credit check? If you don't find a property before it expires, or you find one that doesn't fit into the offer in principle?

Like I said, no expert

that matches what I am told. thanks

[l35kee]

I am planning to convert existing property to BTL (and taking a bit of money out of it) and then getting another mortgage buy another residential.

I went to a broker to find out if I can do all this at the same time and find out what rates and amounts are available ... so far so good

I was then told I need to find another property 1st before I can start the Mortgage applications. Is this correct? as I thought that getting a mortgage in principle means that broker has approached a lender(s) willing to give me a mortgage based on my circumstances ...

The process for me was that the broker gave me an illustration of the mortgage I could get based on my circumstances. No credit check etc required.

I then went looking for properties as I knew what kind of prices I was looking for.

Found a house, put in an offer which was accepted. The broker then got me the offer in principle (like 30 mins after I asked), which is says that they are willing to give me what I asked for, assuming I'm telling the truth and nothing changes.

I'm no expert, but I guess he wants to hold off the offer in principle to avoid the credit check? If you don't find a property before it expires, or you find one that doesn't fit into the offer in principle?

Like I said, no expert

[css_jay99]

I am planning to convert existing property to BTL (and taking a bit of money out of it) and then getting another mortgage buy another residential.

I went to a broker to find out if I can do all this at the same time and find out what rates and amounts are available ... so far so good

I was then told I need to find another property 1st before I can start the Mortgage applications. Is this correct? as I thought that getting a mortgage in principle means that broker has approached a lender(s) willing to give me a mortgage based on my circumstances ...

[northernladuk]

Always good to ask the wise old elf

Hee hee

[css_jay99]

Well your two options are ask them or a contractor specialist as we are discussing here. Not sure why you are asking us.

Always good to ask the wise old elf

[northernladuk]

While they did a great job getting me good rate, I am not so sure they will be as helpful in this situation where I would be asking more questions ....... but I could give them a try i guess

Well your two options are ask them or a contractor specialist as we are discussing here. Not sure why you are asking us.

[css_jay99]

Have you asked them?

While they did a great job getting me good rate, I am not so sure they will be as helpful in this situation where I would be asking more questions ....... but I could give them a try i guess

[Neil SuperContractors]

Just had a read through some of the other posts on the subject (very useful for a newbie like myself!), wanted to double check a couple things, and especially lean on any recent experience..

So new to contracting, current mortgage obtained while a permie. I actually got that mortgage through London and Country broker. Free as they charge the mortgage provider, not me.

Looking to move pretty soon, and seems like going through a specialist broker is the right idea. The contractor ones seem to charge a rate for obtaining an offer though. For those of you who have gone through this process.. are the contractor brokers all like this, and charge a fee?

Happy to pay it if so, had a brief chat with one of them earlier and the experience was good!

It's always good to shop around and see the range of fees being charged by brokers. Not all contractor mortgage brokers charge a fee, for example we don't charge one. We earn commission from the lender (just like the majority of brokers), so we don't see the need to charge anything additional.

[northernladuk]

I used London and Country 4yrs ago for a remortgage.

I am now thinking of taking some equity out of the current property, converting it to a BTL and then buying somewhere else.

Would L & C be able to handle this or am I certainly better off with specialist?

Have you asked them?

[ChimpMaster]

Freelancer Financials are great.

Ask for Ryan. Knows the market and understands you as a contractor.

Well worth the fee.

[css_jay99]

I used London and Country 4yrs ago for a remortgage.

I am now thinking of taking some equity out of the current property, converting it to a BTL and then buying somewhere else.

Would L & C be able to handle this or am I certainly better off with specialist?

[Guesstimator]

Yes they do but I believe some are quite a bit more expensive than others. I'd recommend Freelancer Financials as I've used them on a number of occasions. The contractor mortgage rate they got me was on a par with normal ones so we'll worth the money IMO.

If everything is straight forward and you are in a simple situation you might wonder why you have to pay but if you have breaks in the last few years or don't have long in your contract they earn their crust finding a provider that has criteria you meet.

I echo this

[VillageContractor]

Got an email today about being able to get a mortgage 5.49 of my annualised contract rate - I thought the most going was around 4.5. Anyone ever got 5.5?