Reply to: Contractor mortgage

[Old Greg]

Get a 125% mortgage and have instant negative equity. Good plan.

Hide the 25% surplus and hand the keys back to the lender. Or maybe that is fraud.

[King Cnvt]

To buy a spanky new car to sit outside the spanky new house, at a lower interest rate than the car dealership would offer. Such is the nature of rampant modern consumerism.

Get a 125% mortgage and have instant negative equity. Good plan.

[Cooperinliverp00l]

I have just bought a new house and went with the finacial advisor in the estate agents. They got me a good deal with my current lender that was even better than what i could secure. There were other lenders who was willing even though i have no company accounts yet. If you explain the situation they normally have key contacts with certain lenders and can talk to them first.

They also sorted out the re-mortgage on current property moving it ot a buy to let. Very helpful and cost me nothing. They are commision based.....and before you say i was pushed for the best deal that would bring them the best commision i wasn't as all the deals i could have done myself and even refused a few.

Hope this helps.

[chicane]

Why would one want to borrow more than the value of the property?

To buy a spanky new car to sit outside the spanky new house, at a lower interest rate than the car dealership would offer. Such is the nature of rampant modern consumerism.

[Old Greg]

Um.

Why would one want to borrow more than the value of the property?

I've never understood that one...

Cos it needs to be done up?

[King Cnvt]

Abbey have just launched a 125% mortgage. Doomed.

[someone has my name]

Thanks for all the advice,
Think I will start looking around V soon... and hopefully,
I wont speak to a IFA who knows nothing about contracting!..

[IR35 Avoider]

Top tip! Thanks!

I must say that I have long suspected that the High Street lenders must, these days, be far more receptive to contractors, than, say, 10 years ago.

A high street branch of the Halifax gave me a mortgage when I'd been contracting for one year. That was in 1989.

[TheFaQQer]

Ask SockPuppet, he knows about Contractor Money (IIRC)

[DBA_bloke]

HSBC local staff were surprisingly open to my situation when moving house earlier this year.

Especially seeing as it was my first year in business so I had no accounts...

Top tip! Thanks!

I must say that I have long suspected that the High Street lenders must, these days, be far more receptive to contractors, than, say, 10 years ago.

[NoddY]

This is a latent Oh dear™.

It means some contractors are having visit the moneylenders to provide something as basic as a roof over their heads.

[r0bly0ns]

HSBC local staff were surprisingly open to my situation when moving house earlier this year.

Especially seeing as it was my first year in business so I had no accounts...

[swamp]

I got a high street mortgage via a broker. I thought Contractor Money 's charges were too high. There is nothing special or unusual about being a contractor when getting a mortgage, you probably just have to speak to someone higher up in the organisation and a broker can do this for you.

[blazzar]

Standard Life do and they also do offset mortgages as self certification which is very handy.

[DaveB]

I went with Contractor Money, they advertise on the CUK site. Very good and got me a good deal.