Reply to: New mortgage requirements...?

[Mark McBurney@CMME]

Hi Mark, It's a he actually? How's life in sunny Southampton?

Sunny. For today at least!

[Freelancer Financials]

She's tried that John...?

Definitely agree re: broker though.

Hi Mark, It's a he actually? How's life in sunny Southampton?

[MarillionFan]

Get a perm job. The dumb fookers will then just use your payslips.

[lukemg]

Cant remember if its Freelancer Financials or CMME but one of them did it for free (paid by lender of course) and the other one wanted 500 notes off me as well - which made the decision easy !

[Sausage Surprise]

Find a Financial Advisor who deals with contractors and knows who to present the correct information to... There are plenty who post on this forum PowerMortgages is one that springs to mind...

Ask for Ben...he'll sort you out

[Support Monkey]

going via a broker is definately the way to go however it will will take just as long and they will still be asking as many questions due to MMR, it does not realy matter whether your permie or contract they still need to know how much your spending and if you can afford the repayments rather than how much money you take in.

Just taken me 6 months to secure a property and 17 weeks to secure a mortgage offer, bit extreme, my buyer and their buyer are all having issues with different lenders taking their time and asking a multitude of questions

[CloudWalker]

And don't forget they want to know how many takeaways you eat per week

[Mark McBurney@CMME]

She's tried that John...?

Definitely agree re: broker though.

[Freelancer Financials]

Has anyone had to deal with this yet?

Finished with my fixed term mortgage this month, so tried to remortgage (Halifax) to go onto another fixed term. Have 50% LTV, never missed a payment in 8 years, and have savings to pay the balance in full (if required)

Could I remortgage? Could I ****!

They want my sa302 (self asses tax) from the last 3 years - which will no doubt show my tax-efficient frugality when it comes to salary, and my full accounts (turnover, profit), which will include the 12 months I went without a contract in 12-13. As my accountant put it, the chances of me getting this new mortgage are slim.

Has anyone found a way to get round this? Or a lender that is perhaps a little bit less rigid in their approach?

Cheers
Lou

Lou, your best option is to stay with Halifax and get the best retention deal they have to offer. There are a number of mortgage specialist on this forum (including ourselves) that can assist you. E.g. Power Mortgages, CMME, Martin@AS Financials & Contractor Financials. All the best.

John Yerou
Freelancer Financials

[Mark McBurney@CMME]

I'd suggest speaking with a contractor-specialist broker ASAP - that year out of contract could be a thorn in your side however you present it, but I'd want to get a broker who knows what he/she is doing on the case as soon as possible if it were me.

Good luck.

[speling bee]

Sometimes one feels quite nostalgic for the dim & distant days of 25 year repayment mortgages.

Not me, obviously, since I paid in human skulls.

FTFY

[d000hg]

Different lenders require different things, and some mortgage advisors are trusted to vouch for you to a degree.

If you were out of work for a year that does look a bit bad however you play it, but showing the company had massive financial reserves(?) should help. Did you continue to take salary and dividends to a similar level that year, if so you could swing it that way.

[ChimpMaster]

Call Freelancer Financials. PM me for details if you like.

[sirja]

Has anyone had to deal with this yet?

Finished with my fixed term mortgage this month, so tried to remortgage (Halifax) to go onto another fixed term. Have 50% LTV, never missed a payment in 8 years, and have savings to pay the balance in full (if required)

Could I remortgage? Could I ****!

They want my sa302 (self asses tax) from the last 3 years - which will no doubt show my tax-efficient frugality when it comes to salary, and my full accounts (turnover, profit), which will include the 12 months I went without a contract in 12-13. As my accountant put it, the chances of me getting this new mortgage are slim.

Has anyone found a way to get round this? Or a lender that is perhaps a little bit less rigid in their approach?

Cheers
Lou

As others have said, your best bet is to use a broker, you pay a bit in commission, but for that you get a service that takes care of lot of the hassle involved. Contractor Mortgages Made Easy and Freelancer Financials seem to get good feedback on here, but you can always do your own searches and decide which if any to go with.

[FiveTimes]

we are currently applying for a new mortgage and they do seem to want alot of information.
The Coventry seem to be quite a "friendly" lender but there is a delay in applying due to having to perform all these checks.