Reply to: Contractor Morgage - First Time Buyer

[Dante]

Me and the missus are both contractors, her first couple of years and my first couple of years back having been on the dark side for a bit. We found it hard to find a high street deal that would accept less than 3 years worth of audited accounts.

Long story short - used Contractor Money - loads of options (July 07), tracker mortgage .99% over base rate with Clydesdale. I'm surprised they are saying that they can only deal with a couple of lenders now...

Very happy with them, quick and really good value. I'd recommend them.

[minestrone]

OOC, what interest rates should a contractor expect for an offset mortgage with e.g. 25% or 40% LTV these days, just a rough figure ?

We borrowed 65% and got 5.3% 5 year fixed offset from NR just there.

I think offset was 3.9

[leeperry]

Hurry up. Nationwide say prices rose nearly 2% in June and have risen straight for the last 5 months.

I'd pay the 7% and be grateful you can get on the ladder before prices go stratospheric now the recession is over.

[Wilmslow]

Hello All,
I am an IT contractor and a first time buyer.I have been looking for a 85-90%LTV mortgage and really finding it difficult in terms of the interest rates.

I contacted a couple of Mortgage advisers(the ones that come up in the first page of a google search for contactor mortgages) who specialize in contractor mortgages and they only list Halifax and Woolwich as possible lenders with the intrest rates in the region of 6.5-7.5%.

Is it best for me to approach other lenders on my own?. I am not sure whether they look upon contractors favourably even with 10-15% deposit.Any suggestions reg Lenders/Mortgage advisors would be gratefully accepted.

Ta

If still looking I can PM you a decent FC if you still need one....... just PM me and I will reply.

[swamp]

Best rate you will find is on the high street, though you need to get past their in house mortgage advisers and speak to the real decision makers higher up the chain. For this you may want to speak to a broker, which is what I did.

I found Contractor Mortgages to be ludicrously expensive. IIRC they wanted £75 as a non-refundable application fee! (plus an arrangement fee later...) Many contractors also insist on a flexible mortgage, but you have to pay £££ for this and many high street lenders (with far better rates) offer semi-flexible terms anyhow.

Could you name the broker that you had used?

Complete Mortgages. Chap's name was Mark Finnegan, though I think his firm has grown since I dealt with him. Basically I ended up paying a small broker fee (~£100) and they had a declared commission on the mortgage and it all worked out nicely. When my two year fixed deal expired I just dealt with the mortgage company directly.

[Lumiere]

OOC, what interest rates should a contractor expect for an offset mortgage with e.g. 25% or 40% LTV these days, just a rough figure ?

[schindler]

Hi

I got my mortgage through Moneypoint. 01625 503000 - They had deals I couldn't find elsewhere although I guess it's tougher now

Good Luck

Mike

Thanks Mike!

[mikelaluz]

Mortgage

Hi

I got my mortgage through Moneypoint. 01625 503000 - They had deals I couldn't find elsewhere although I guess it's tougher now

Good Luck

Mike

[schindler]

Best rate you will find is on the high street, though you need to get past their in house mortgage advisers and speak to the real decision makers higher up the chain. For this you may want to speak to a broker, which is what I did.

I found Contractor Mortgages to be ludicrously expensive. IIRC they wanted £75 as a non-refundable application fee! (plus an arrangement fee later...) Many contractors also insist on a flexible mortgage, but you have to pay £££ for this and many high street lenders (with far better rates) offer semi-flexible terms anyhow.

Could you name the broker that you had used?

[swamp]

Best rate you will find is on the high street, though you need to get past their in house mortgage advisers and speak to the real decision makers higher up the chain. For this you may want to speak to a broker, which is what I did.

I found Contractor Mortgages to be ludicrously expensive. IIRC they wanted £75 as a non-refundable application fee! (plus an arrangement fee later...) Many contractors also insist on a flexible mortgage, but you have to pay £££ for this and many high street lenders (with far better rates) offer semi-flexible terms anyhow.

[The Lone Gunman]

I have a Woolwich offset mortgage. The rate is OK with me.
I do run a significant war chest in my personal account so the offset suits me.

[schindler]

I got mine sorted through these people:

http://www.wealth-matters.co.uk

They're linked in with the Professional Contractors Group & will charge a fee if you go with their recommendations (I paid about 300 quid). All in all not a bad service though.

Had a look and looks not too bad.Will give them a call and see. Ta!

[schindler]

On the right is the link "Contractor Mortgages". Is that any help?

Contractor money and contractor financials are one and the same and have already approached them.

[schindler]

Hurry up. Nationwide say prices rose nearly 2% in June and have risen straight for the last 5 months.

I'd pay the 7% and be grateful you can get on the ladder before prices go stratospheric now the recession is over.

Well thats the worry.Having said that there was a debate in Radio4 on sunday evening and one of the guy was saying the market has not yet bottomed out and there will be spells of price increases but will it will eventually go down even further apparently...

[Menelaus]

Hurry up. Nationwide say prices rose nearly 2% in June and have risen straight for the last 5 months.

I'd pay the 7% and be grateful you can get on the ladder before prices go stratospheric now the recession is over.

W-shaped ...