Reply to: Mortgages - Yawn.

[Freelancer Financials]

I think contractormoney are offering reasonably high LTV's on a woolwich offset. Their interest rate is slightly high for me mind...

Sorry to disappoint you but the maximum LTV on a Woolwich Offset mortgage is 70%. We have been lobying them for some time to increase their LTVs on offset mortgages but to no avail.

[MarillionFan]

Frankly I recommend going perm for one month, applying for a mortgage and then quitting.

Worked for me.

[Freelancer Financials]

Another vote for ContractorMoney.
First Direct and Woolwich bothtold me to get stuffed, but Contractor Money could arrange a mortage with either of them (based on multiples of rate on current contract) for me, but yes the rate was very slightly higher than the deal if you went direct, but they wouldn't touch me direct, so it was worth the hit.

Sadly, First Direct stop dealing with Mortgage intermediaries/brokers in 2008.

Contractors have to go direct now if they want a mortgage with them. They typically ask for 2-3 years accounts.

[FarmerPalmer]

That thread refers to using ContractorMoney who I have used in the past. Have you tried them?

Another vote for ContractorMoney.
First Direct and Woolwich bothtold me to get stuffed, but Contractor Money could arrange a mortage with either of them (based on multiples of rate on current contract) for me, but yes the rate was very slightly higher than the deal if you went direct, but they wouldn't touch me direct, so it was worth the hit.

[Moscow Mule]

I think contractormoney are offering reasonably high LTV's on a woolwich offset. Their interest rate is slightly high for me mind...

That's the trouble - you need 15% deposit before the rates get sensible. At 5-10% rates are up around the 5-6% mark.

[ratewhore]

I think contractormoney are offering reasonably high LTV's on a woolwich offset. Their interest rate is slightly high for me mind...

[The_Equalizer]

Did you use a broker or go direct?

LTV %age if you don't mind me asking?

No problem. Went direct, although I ended up speaking to three different advisors (by accident over the course of a few days) one of which seemed more clued up than the others. The LTV is quite low - £140K on house of £410K. That said I've only been contracting 15 months. The first 9 months using an umbrella (Parasol) and the remaining via my own limited. I think the low LTV pushed it in my favour. I mean even with a further downturn - of which I think there's a good chance - they'd get their cash back if I default.

If I get the house I'm going fixed for three years with an eye on rates being ramped up due to increasing inflation.

[Moscow Mule]

Not that most of you will be the slightest bit interested, but just in case I thought I'd add that the nice people from the Woolwich have offered me a mortgage. It's very good of them to let me get in debt. In fact they seemed to be the only ones that would without three years worth of accounts. All they have asked for is the current contract, bank statements for the last three months and my cv (which seemed a bit odd, but perhaps they need a front end developer).

Did you use a broker or go direct?

LTV %age if you don't mind me asking?

[ASB]

Just a though with the Woolwich. Recently they had some very good offset and tracker deals but based on a minimum loan of 200k. Don't know if they'll still allow it but it used to be possible to borrow 200k at the reduced differential then pay off 60k or whatever to get the borrowing you really required and maintain the lower differential.....

[The_Equalizer]

Not that most of you will be the slightest bit interested, but just in case I thought I'd add that the nice people from the Woolwich have offered me a mortgage. It's very good of them to let me get in debt. In fact they seemed to be the only ones that would without three years worth of accounts. All they have asked for is the current contract, bank statements for the last three months and my cv (which seemed a bit odd, but perhaps they need a front end developer).

[The_Equalizer]

Originally Posted by The_Equalizer

Condolences btw - RIP

Sad I know. Was watching the series one box set over the last few days (Christmas present) and think it should be compulsive viewing for all primary school kids. Rather polite old boy does over New York criminals - there's got to be a moral story there. Not sure about the multiple shootings, but I guess we can overlook that. Oh and Adam Ant was killed with a sprung loaded knife which was rather comical.

[kaiser78]

Originally Posted by The_Equalizer

Condolences btw - RIP

[kaiser78]

On today's list of things to do. Looks like it's the only way to go, although people spoke of going direct to the Woolwich. Wondering if anyone has managed to get a mortgage direct.

I did - Woolwich. Easy.

[The_Equalizer]

I used First Direct and they were happy with 2 years net profit figures. In your case, you'd be looking at proving salary with the brolly, which I assume would be healthy?

Contractormoney were more expensive both times I went looking for a mortgage...

HTH

The brolly salary was healthy enough and limited salary/divs are good too, although yet to take any divs. The stumbling block is that fact I've only be a ltd for a few months.

Ironically I've got a friend who would be very keen to rent a room which would cover about 80% of the mortgage cost/month plus a few months war chest, oh plus plan B which would keep me more or less ticking along in beer and baked beans. Unfortunately none of that helps.

Wouldn't even consider buying a house right now, but this one is special (to me).

[ratewhore]

I used First Direct and they were happy with 2 years net profit figures. In your case, you'd be looking at proving salary with the brolly, which I assume would be healthy?

Contractormoney were more expensive both times I went looking for a mortgage...

HTH