Mortgages - again!

[dynamicsaxcontractor]

Hi all,

I know this has come up lots of times but I was looking for any suggestions from people in my situation that have found a good deal recently.

Basically, I am looking for a mortgage for a £315k London property with 10% deposit on banking day rates (more than enough). Also, if I add together my take home last two years and my partners salary it is roughly £450k (if times by 4) so could go for a mortgage based on that rather than day rate. I only have two years of company accounts.

Best two deals I have been offered are via the contractor route are:

Tracker: 2 year tracker with C&G at 5.79% (5.29% + boe) with an arrangement fee of £1495 that can be added to the mortgage and a £99 up front booking fee

Fixed : 2 year fixed rate is with the Halifax. It's 2 years at 6.99% with an arrangement fee of £999

Anyone in a similar situation found a better deal ether contractor or high street. I am starting to go around the high st banks but my concern is that I will get the agreement in principle, pay for surveys and legal fees and then when it goes for final approval the underwriter sees it as unusual and rejects. Any comments on banks that it sailed through would be helpful (esp HSBC)

Many thanks,
Rang

I have got a mortgage approved with Natwest, offset 3.75%, although I have 25% deposit.

I only have one years accounts but they were happy with projected accounts for current year. My projected accounts were just a spreadsheet with what I think I will invoice per month. However, they were really playing up on the income side and were only interested in how much dividend I was going to take, so had to say I was planning to take it all out this year and not save for next....

[northernladuk]

These seem very high. I had a quick look at Moneysupermarket.com and they are all better than that. Side note there is a very good one tailored for joint applicants if they are both graduates. Never seen this before. Details say

Our opinion: VARIABLE - Highly competitive variable deal with no arrangement or valuation fees. What sets this deal apart is that it is not only a fee-free low rate deal, but there are no early repayment charges so you are never tied in. The minimum loan is £75,000 and is only available for joint applications by graduates.

Anyway, they all seem better than what you have. Why not have a look at that or go to a financial advisor? The fact you are a contractor doesn't matter. You accountant can prove your income for the 2 years required which is acceptable to most lenders.

[Scrag Meister]

My wife and I went to Santander (Abbey National), I had been with them for a while with a previous mortgage, not that they seemed to take that into account in the slightest. Do you have a current mortgage? Try them first. I ended up getting some loyalty rate when I bought up in London last November, @ .49% above base rate.

I also have a smaller mortgage (deposit for the London purchase) on my place in Devon with Cheltenham and Gloucester (lloyds) who I bank with personally and for the business, but their rate was 3.79%, will clear this as soon as is efficient to do so.

Neither would talk sensibly to me without 2 years accounts, so you are on good ground there.

All the rates I was quoted from "contractor specialists" were high in comparison.

GL in your search.

[Rangster]

Hi all,

I know this has come up lots of times but I was looking for any suggestions from people in my situation that have found a good deal recently.

Basically, I am looking for a mortgage for a £315k London property with 10% deposit on banking day rates (more than enough). Also, if I add together my take home last two years and my partners salary it is roughly £450k (if times by 4) so could go for a mortgage based on that rather than day rate. I only have two years of company accounts.

Best two deals I have been offered are via the contractor route are:

Tracker: 2 year tracker with C&G at 5.79% (5.29% + boe) with an arrangement fee of £1495 that can be added to the mortgage and a £99 up front booking fee

Fixed : 2 year fixed rate is with the Halifax. It's 2 years at 6.99% with an arrangement fee of £999

Anyone in a similar situation found a better deal ether contractor or high street. I am starting to go around the high st banks but my concern is that I will get the agreement in principle, pay for surveys and legal fees and then when it goes for final approval the underwriter sees it as unusual and rejects. Any comments on banks that it sailed through would be helpful (esp HSBC)

Many thanks,
Rang