Reply to: Help!! Mortgage Probs

Re: IFA's

I can smell BULLtulip.....

That's just Threaded, he's not brushed his teeth again!

Re: IFA's

I can smell BULLtulip......

Re: IFA's

ASB: Suggest you do some research and then we might carry on this conversation.

The date you give, 31/10/04, applies to Residential Mortgages, and not to all of them either.

As I understand it, the original poster is a contractor, so will be using parts of their house as offices, also he has horses etc. so there will be a large amount of land attached.

I would suggest that it is not a foregone conclusion that the property would fall under the FSA rules you imply with that date.

plane t1t: Well, you are as usual, a plane t1t.

Re: IFA's

Threaded knew that. Easy mistake to make with all that buzzing backwards and forwards in time - he just got confused and thought he was posting a year ago.

Re: IFA's

You’re quite right ASB. I mean anyone who “held non-ex board seats on a financial services co. and a mortgage co." but was ignorant of the FSA rules, might find their company was closed down.

If it got really bad they might have to flee the country.

To somewhere like Denmark for instance.

Re: IFA's

Threaded,

Cleary "held" old chap. At least I would sincerely hope so.

Since 31/10/04 Mortgages have been regulated (for want of a better word) by the FSA.

The current process for even getting quotes with the production of a KFD etc is a right pain in the butt.

Re: Another suggestion

Move to Wales.

Re: IFA's

Another suggestion: actually do a calculation of what it would cost per year to rent a suitable place as opposed to buying. If it would cost less, rent.

For the purposes of the calcuation assume interest on a 100% interest-only mortgage - even if you mortgage is smaller, the equity represents capital that isn't earning a return elsewhere, and assuming 100% is the easiest way to try and adjust for the missing earnings.

Re: IFA's

hattra: You know nothing. No, they do not have to tell you the commission on a mortgage. Only certain types of mortgage are even actually regulated. Some other products that you may buy around the mortgage may well be regulated. If you look closely you will find the mortgage is from one company and the other products from another. This simplifies paperwork as one company has to do "full disclosure" and the other doesn't.

threaded in "held non-ex board seats on a financial services co. and a mortgage co." mode.

Re: IFA's

Ring SG Mortgage Services in Hitchin. They will guide you through self-certifying although you will probably need to settle for an 85% mortgage

hth

SB

Re: IFA's

basilspinone,

I wouldn't worry about it too much mate ... some lenders tend to kick up more of a fuss than others. I managed to land a second mortgage (on top of the first) with the Abbey despite only having returned to contracting for 6 months. They did require a reference from my workplace confirming my daily rate and the likelihood of renewal etc but the process was relatively pain-free.

Find out which lenders are most sympathetic to contractors and only make applications with them. I say this because having multiple applications rejected will be registered on your credit history and make it difficult to obtain mortgages elsewhere.

Re

Basil, I had a similar problem (except I had to transfer from 50% equity to 100%) which mean't reapplying for a mortgage. At first they wanted the 3 years of accounts malarkey but there is a way around it. As far as the bank is concerned the agency is effectively your employer, get the reference off them and fill the forms in as if your income were as an employee. If you are paying yourself 5k a year it may be a tad more difficult to explain.


PS ALM reminded me, DO NOT USE THE BRITANNIA BUILDING SOCIETY (or any of their associates)

Re: IFA's

An IFA is probably a good bet - they have to tell you what their commission is these days, so you can get a good idea of how straight they are being.

If you can't get a re-mortgage through your current lender, you may have to go down the "self-certification" route - its not difficult

Re: IFA's

I echo planetit's comments regarding contractormoney.com, they're very good. Talk to Tony Harris.

And don't listen to the knobheads on here, they're either spouting bollox or sad little men with no wives or children who desparately squirrel away their money working every hour possible whilst life passes them by.

Re: IFA's

>> I would go and see an IFA and pay them to do the searching for you.

You'd be better sticking your head in the oven than going to see most IFAs.