Reply to: First Direct withdraws mortgages

[Bumfluff]

mmmm maybe there are some decent self-certs around.....

There are still lenders who deal with contractors, Abbey National will I know alot of the contractor mortgage brokers use them and when I rang them direct they seemed to know the score, they were more concerned with daily rate as opposed to accounts.

[~Craig~]

Yeah I think you would struggle with them with one years accounts, they really wanted 3 years accounts, I only had 2 years ltd accounts, the first year I was with a brolly for that they wanted to see a tax return to prove income and because I had done the SA online I also had to provide the orginal self assessment statements from the IR linked to the return, then finally 3 years mortgage statements ! They then take an average over the 3years of net profit from the ltd and gross income from the ltd.

mmmm maybe there are some decent self-certs around.....

[Bumfluff]

mmmm think I might have a problem getting a new mortgage then.

I only have one years accounts and I was on a carppy permie wage before that. Missus doensn't earn much either...

Surely they could take into account current contract income etc?

Yeah I think you would struggle with them with one years accounts, they really wanted 3 years accounts, I only had 2 years ltd accounts, the first year I was with a brolly for that they wanted to see a tax return to prove income and because I had done the SA online I also had to provide the orginal self assessment statements from the IR linked to the return, then finally 3 years mortgage statements ! They then take an average over the 3years of net profit from the ltd and gross income from the ltd.

[~Craig~]

mmmm think I might have a problem getting a new mortgage then.

I only have one years accounts and I was on a carppy permie wage before that. Missus doensn't earn much either...

Surely they could take into account current contract income etc?

[Turion]

My discounted 5.39 rate with the Halifax ends next month and the best they can offer me is 7.something for a 30% mortgage plus an arrangement fee. Time to look elsewhere.

The remaining lenders in the mortage market are having a feeding fest on this arrangement fee lark. These can add another 1%+ to a 2 yr deal. I suppose they've gotta recoup their losses from someone.

Update: Fees are being intoduced on standard rate deals as well.

[Bumfluff]

I've been with First Direct since January. I managed to get them to agree to two years accounts and all went pretty smoothly. I also have their offset mortgage and managed to reduce my mortgage with Abbey from nearly 800 pounds to under 300 pounds a month, and with no fees.

Cyberman if your reading this sent you a PM

[Pickle2]

My discounted 5.39 rate with the Halifax ends next month and the best they can offer me is 7.something for a 30% mortgage plus an arrangement fee. Time to look elsewhere.

For many with 95% mortgage and 5 x Income, there will be nowhere else to go. For them, 7.something it will have to be.

[Lockhouse]

My discounted 5.39 rate with the Halifax ends next month and the best they can offer me is 7.something for a 30% mortgage plus an arrangement fee. Time to look elsewhere.

[Cyberman]

So do you have to reduce the mortgage payment based on how much you have in the offset ?

I want to just keep paying what I currently pay monthly on my current mortgage, my savings will cover about 70% of the mortgage amount I borrowed, so I will only pay interest on the 30% and the rest of the payment will be capital repayment can you do it that way ? I just want to get it paid off.

If your mortgage is 100,000 pounds and your savings of 50,000 pounds are offset then you only pay interest on 50,000 pounds. Interest is calculated on a daily basis with First Direct and they will notify you how much is payable on a month by month basis.

[Bumfluff]

Looks like halifax are going down the same route.

Will be cash only buyers left soon!

http://business.timesonline.co.uk/to...cle3666670.ece

Halifax has sh*t rates some of the most uncompetive on the market Im currently with them , Im supprised they are saying they are getting too much business, may be this is some kind of marketing ploy

[Pickle2]

Halifax too

Looks like halifax are going down the same route.

Will be cash only buyers left soon!

http://business.timesonline.co.uk/to...cle3666670.ece

[MrRobin]

12 weeks is pushing it for me, so I have a plan B thats with Abbey who are contractor friendly. Abbeys deals are changing daily so they are not advertising remortgage rates you have to ring and find out, I rang and they quoted a very good fixed rate, all I had to do was give me name and they reservered the funds for me for 2 weeks. If First Direct doesnt pan out of they get edgy about a contractor I will go with Abbey, First Direct do seem pretty switched on for contractors though, I havent got 3 years ltd accounts and was with brolly before, they said 2 years ltd accounts and tax return for the 3rd year will do, here hoping its ok, its not a good time to remortgage at the moment

Thanks for the info. I will take a look at Abbey too...

FD wouldn't allow any borrowing on just my accounts (only 1 years, use brolly before). So it's all going on the missus's perm salary. They offer 4.5x salary for new customers... not a problem since we are both earning

[DimPrawn]

You have to know the lingo

Why aye man given us a loon on us hoose i naught bu an ovel but me ma tald me e get inna buy to let hadaway an sheet mon ya divnee loose

lose

[Bagpuss]

lol the ironic thing about it is, I actually work in Credit Risk and all my clients require a spotless credit history, I'm as good a customer as they will get. Even more ironic Northern Rock wouldnt give me a mortgage a couple of years ago, strange world

You have to know the lingo

Why aye man given us a loon on us hoose i naught bu an ovel but me ma tald me e get inna buy to let hadaway an sheet mon ya divnee loose

[Bumfluff]

I've been with First Direct since January. I managed to get them to agree to two years accounts and all went pretty smoothly. I also have their offset mortgage and managed to reduce my mortgage with Abbey from nearly 800 pounds to under 300 pounds a month, and with no fees.

So do you have to reduce the mortgage payment based on how much you have in the offset ?

I want to just keep paying what I currently pay monthly on my current mortgage, my savings will cover about 70% of the mortgage amount I borrowed, so I will only pay interest on the 30% and the rest of the payment will be capital repayment can you do it that way ? I just want to get it paid off.