Re-Mortgage after going back to Permie

[xenomorph]

So that was my experience with RBS a couple of years ago so they are still doing it. Good stuff. Only slight difference back then was although RBS were competitive they weren't the best around, but it was close enough to just sign and go. I'd imagine in your situation even if you did find cheaper one it wouldn't be available to you if you had to do all the checks again.

yup your stuck with same lender basically who wont match open market rates.

[northernladuk]

So broker said if I went perm and then re mortgaged then it would need to be with same lender. Barclays and Halifax dont do income check again if you do product transfer but you cant get as low rates as if you were to go elsewhere obviously. he mentioned the bigger high street lenders tend to have better deals with staying with them then you may get with smaller lenders.

So that was my experience with RBS a couple of years ago so they are still doing it. Good stuff. Only slight difference back then was although RBS were competitive they weren't the best around, but it was close enough to just sign and go. I'd imagine in your situation even if you did find cheaper one it wouldn't be available to you if you had to do all the checks again.

[AtW]

Get a contract emergency butler lined up in case your permament one is required to self-isolate

[xenomorph]

So broker said if I went perm and then re mortgaged then it would need to be with same lender. Barclays and Halifax dont do income check again if you do product transfer but you cant get as low rates as if you were to go elsewhere obviously. he mentioned the bigger high street lenders tend to have better deals with staying with them then you may get with smaller lenders.

[northernladuk]

If I had house staff I doubt I would think about these scenarios! lol

True dat.

[xenomorph]

When looking at the worst case scenarios you want to think about what you'll do without the house staff as well.

If I had house staff I doubt I would think about these scenarios! lol

[northernladuk]

haha
Im still contractor nothing changed touch wood.
Im purchasing first home so just going through the bad scenarios and what options would be.

When looking at the worst case scenarios you want to think about what you'll do without the house staff as well.

[xenomorph]

Nah, he was never a proper contractor. He's got a mortgage. No wonder he's been turfed out.

haha
Im still contractor nothing changed touch wood.
Im purchasing first home so just going through the bad scenarios and what options would be.

[northernladuk]

Have you ever bled radiators?

Nah, he was never a proper contractor. He's got a mortgage. No wonder he's been turfed out.

[AtW]

Have you ever bled radiators?

[northernladuk]

Hmm yeah. I am using power mortages as my brokers at the moment. Will ask my broker same question and see what they say.

It would be interesting to know if you take a new product at your current lender what they ask you. I seem to remember last time my residential product came to the end of the discount period with RBS a simple call and signed a doc was all that I needed to swap over. That said this was a good number of years ago and nothing had changed with my circumstances so not sure if that still works. If you find out pop it on here. Carrying on with your current provider might be the best course of action for people going outside to perm/brolly if it's still an option.

[xenomorph]

We've had a couple of threads in prof around this, mainly around outside to brolly though. It's slightly different as I had heard that contractor lenders can take day rate still even through it's via a brolly. Contractor to perm that isn't an option.

Loads of different factors like if you were with a contractor option before so if perm that product might not even be available to you. That throws further confusion as the standard products need payslips which you don't have so is gonna confuse the hell out of people you are speaking with as they aren't used to the contractor style.

You'd imagine going back x years in to your contract role is pointless as your affordability is on your new wage so anything prior to going perm is now useless as a yard stick.

I'd give Freelance Financials a call and chew the fat with them. They must have 100's of people asking this. Although they might not be the best option to get a residential product that you can get by calling direct (because FF generally charge for the service) they will certainly know the score regarding contractor to perm based on your situation

Hmm yeah. I am using power mortages as my brokers at the moment. Will ask my broker same question and see what they say.

[northernladuk]

We've had a couple of threads in prof around this, mainly around outside to brolly though. It's slightly different as I had heard that contractor lenders can take day rate still even through it's via a brolly. Contractor to perm that isn't an option.

Loads of different factors like if you were with a contractor option before so if perm that product might not even be available to you. That throws further confusion as the standard products need payslips which you don't have so is gonna confuse the hell out of people you are speaking with as they aren't used to the contractor style.

You'd imagine going back x years in to your contract role is pointless as your affordability is on your new wage so anything prior to going perm is now useless as a yard stick.

I'd give Freelance Financials a call and chew the fat with them. They must have 100's of people asking this. Although they might not be the best option to get a residential product that you can get by calling direct (because FF generally charge for the service) they will certainly know the score regarding contractor to perm based on your situation

[xenomorph]

Hi all

Anyone had experience with doing a re mortgage either with same lender or new lender after you go back to a permie job?
Is even with same lender going to be difficult as your salary wont be near as much as your day rate.
What have people found?

Thanks