You should have seen what it was like getting a mortgage in the mid 90s - after the housing crash. Three months it took them and that was for a mortgage of 45k - they wanted confirmation of the past 10 years addresses (I was a student so had loads). Unfortunately I put filled out the forms completely truthfully.
Very useful learning experience though - you shouldn't lie on a form, but never volunteer anything more than you have to.
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Hello
From my recent experience (yesterday and today) ...
I'm currently with Nationwide, and know from contacts that they do lend to contractors. It seems to me that the best way to get to them is to let a broker speak directly to an underwriter on your behalf, because the nice but dim telesales people Just Don't Get Contractors.
When you apply the lender will do a heavy-duty credit check on you; future lenders will be able to see that the check took place, but will not see whether it was favourable or unfavourable. Multiple checks within a short period of time without new accounts being opened suggest to a lender that you are being turned down elsewhere. Sorry if this repeats other posts, but it's important.
In my situation I needed to get an Agreement in Principle quickly to make our offer look serious, so got 2 brokers on the case at the same time. One came back with all the right questions and the best rate, the other one is still sat on his brains wondering why he's missed out on my business. Most places say that they will give the AIP in 24 hours, and to allow 4 weeks for the full application.
The broker recommended an Alliance and Leicester mortgage; they gave me the agreement based on a copy of my contract and assignment order - the doc that says start date/end date and rate on it. I have to prove my last 3 months income, and 3 months payslips for my wife when we make the actual application.
Personally I found that the Northern Rock rate quoted was about .5% higher than A&L and their fees are astronomical. Someone's got to pay for all Newcastle's dodgy signings I suppose.
Good luck etc.
ps - I realise that I am supposed to post sarcasm and put HTH at the end, but this is my first post and I'm just warming up.Leave a comment:
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Sounds like you need a different mortgage broker.Originally posted by churkus
Are you borrowing close to 4 x your annualised rate?Leave a comment:
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Halifax are OK - go to a branch used to handling contractors like the one at Canary Wharf and they'll throw money at you.Leave a comment:
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And do not apply for another mortgage in the meanwhile!
Everything is recorded on your credit history!Leave a comment:
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You should. Whatever your situation is, you will get a better deal through a mortgage broker, and things will be smoother through a mortgage broker (normally!)Originally posted by churkus
Not all mortgages brokers are equal, though.
But wait a bit for Nationwide's decision. If you pull out, this is recorded on your credit history; so future potential lenders may think that you pulled out too early...Leave a comment:
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I got my mortgage with Nationwide very easily.Originally posted by churkus
Are you using a mortgage broker?Leave a comment:
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Northern Rock via Contrator Money (or whatever they are called)Leave a comment:
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IT contractor friendly mortgage lenders
I have a feeling Nationwide are not going to offer me a mortgage. They keep stalling, quering my working arrangements etc. have recieved a reference from my brolly, and will be "in touch" with my mortgage broker.
Are there any IT contractor friendly High St. Lenders out there? Who did any of you IT contractors out there get your mortgage through at a comaparable interest rate?
Leave a comment: