Contractor mortgages

Contractor mortgages

Author
Discussion

mickymellon1

371 posts

167 months

Thursday 29th May 2014
quotequote all
Natalie Larsen at contractor mortgages, I've use them for my properties

if you use this link and end up using them, ill get some Amazon vouchers

www.contractormortgagesuk.com/referral/81399

Sarnie

8,067 posts

211 months

Thursday 29th May 2014
quotequote all
mickymellon1 said:
Natalie Larsen at contractor mortgages, I've use them for my properties

if you use this link and end up using them, ill get some Amazon vouchers

www.contractormortgagesuk.com/referral/81399
£695 is pretty rich in my opinion.....no wonder they give away Amazon vouchers.... smile

mickymellon1

371 posts

167 months

Thursday 29th May 2014
quotequote all
Sarnie said:
£695 is pretty rich in my opinion.....no wonder they give away Amazon vouchers.... smile
They gave the best deal so worked for me, take a look at contractoruk forum etc for other companies that could help

Sarnie

8,067 posts

211 months

Thursday 29th May 2014
quotequote all
mickymellon1 said:
They gave the best deal so worked for me, take a look at contractoruk forum etc for other companies that could help
No need, I provide them for my clients without charging £695 smile

texasjohn

3,687 posts

233 months

Sunday 1st June 2014
quotequote all
£695 sounds really quite excessive. The intermediary commission from the lender is not insignificant (see below) so you should ideally look for a broker that doesn't charge such a high fee, or even any fee at all wink


essayer

9,125 posts

196 months

Sunday 1st June 2014
quotequote all
ContractorMoney aka Contractor Financials have arranged my last two mortgages and never charged me any up front fee. My understanding is that they are offering the banks standard 'intermediary' products, which are annoyingly slightly worse than the direct rates, but the application process is easier overall..

I'm sure I could go to the banks directly but then I would have to follow the standard route and do 3yrs accounts etc

Edited by essayer on Sunday 1st June 10:35

texasjohn

3,687 posts

233 months

Sunday 1st June 2014
quotequote all
essayer said:
ContractorMonday aka Contractor Financials have arranged my last two mortgages and never charged me any up front fee. My understanding is that they are offering the banks standard 'intermediary' products, which are annoyingly slightly worse than the direct rates, but the application process is easier overall..

I'm sure I could go to the banks directly but then I would have to follow the standard route and do 3yrs accounts etc
yes

I'd be happy to pay a broker an upfront fee if they were able to offer a better deal (rate) than a broker that was charging no upfront fee, of course!

I am not sure if they all have access to exactly the same deals as oneanother or not to be honest.

Sketos

6 posts

132 months

Wednesday 4th June 2014
quotequote all
Sarnie said:
No need, I provide them for my clients without charging £695 smile
Hi Sarnie,

So you don't charge a broker fee at all?

Which other lenders can you recommend that assess borrowing based on contract rates alone? I know about Halifax?

One of the mortgage specialist on the CUK forum also mentioned Skipton?

S

Sketos

6 posts

132 months

Wednesday 4th June 2014
quotequote all
essayer said:
ContractorMoney aka Contractor Financials have arranged my last two mortgages and never charged me any up front fee. My understanding is that they are offering the banks standard 'intermediary' products, which are annoyingly slightly worse than the direct rates, but the application process is easier overall..

I'm sure I could go to the banks directly but then I would have to follow the standard route and do 3yrs accounts etc

Edited by essayer on Sunday 1st June 10:35
That's interesting I saw a recent thread on ContractorUK forum about Contractor Financials and it wasn't at all complimentary. It seems there service is appalling.

http://forums.contractoruk.com/business-contracts/...


Sarnie

8,067 posts

211 months

Wednesday 4th June 2014
quotequote all
Sketos said:
Hi Sarnie,

So you don't charge a broker fee at all?

Which other lenders can you recommend that assess borrowing based on contract rates alone? I know about Halifax?

One of the mortgage specialist on the CUK forum also mentioned Skipton?

S
Feel free to drop me a mail if you want a chat? smile

Sketos

6 posts

132 months

Wednesday 18th June 2014
quotequote all
After speaking to various mortgage specialists recommended by a number of members on the Contractor UK forum I went ahead with Freelancer Financials. Their standard broker fee is £499 but they gave me a respectable discount when I mentioned I was a Contractor UK member.

To be honest, I would of gladly paid the full broker fee as it is less than my daily rate. And the service from them is exceptional.


Sarnie

8,067 posts

211 months

Wednesday 18th June 2014
quotequote all
You didn't mail me!

Good luck though, as long as your happy thats the main thing! smile

Shaoxter

4,102 posts

126 months

Wednesday 18th June 2014
quotequote all
Sketos said:
After speaking to various mortgage specialists recommended by a number of members on the Contractor UK forum I went ahead with Freelancer Financials. Their standard broker fee is £499 but they gave me a respectable discount when I mentioned I was a Contractor UK member.

To be honest, I would of gladly paid the full broker fee as it is less than my daily rate. And the service from them is exceptional.
Worst "my daily rate is over £500" post ever smile

What are contractor mortgages like for buy to lets?

Sarnie

8,067 posts

211 months

Wednesday 18th June 2014
quotequote all
Shaoxter said:
Worst "my daily rate is over £500" post ever smile

What are contractor mortgages like for buy to lets?
You shouldn't need to be using a specialist contractor broker for a BTL.......

Shaoxter

4,102 posts

126 months

Wednesday 18th June 2014
quotequote all
Sarnie said:
You shouldn't need to be using a specialist contractor broker for a BTL.......
Why not? Is it easy to get from the mainstream lenders?
I am new to both contractor mortagages and BTLs smile

Sarnie

8,067 posts

211 months

Wednesday 18th June 2014
quotequote all
Shaoxter said:
Why not? Is it easy to get from the mainstream lenders?
I am new to both contractor mortagages and BTLs smile
Because BTL's are not assessed entirely on your income unlike residential mortgages...

Sketos

6 posts

132 months

Friday 20th June 2014
quotequote all
Shaoxter said:
Sketos said:
After speaking to various mortgage specialists recommended by a number of members on the Contractor UK forum I went ahead with Freelancer Financials. Their standard broker fee is £499 but they gave me a respectable discount when I mentioned I was a Contractor UK member.

To be honest, I would of gladly paid the full broker fee as it is less than my daily rate. And the service from them is exceptional.
Worst "my daily rate is over £500" post ever smile

What are contractor mortgages like for buy to lets?
I don't know, I applied fo a residential mortgage. I'm not sure if you can get a Contractor Mortgage based on your contractor rate. The only information I can find on Freelancer Financials site for Buy-to-Let mortgages is:

http://www.freelancerfinancials.uk.com/mortgages-f...

May be you need a BTL specialists?

Anyway, if you contact them ask for a broker called Ken James, he's really helpful.

petop

2,144 posts

168 months

Friday 27th June 2014
quotequote all
Ok in a bit of a quandry. Left the Army last year (July) and worked for Company who supply Contractors to work with military since then.
Applied for a mortgage as myself and girlfriend want bigger house. My credit rating is very good, no debts what so ever and we are putting a deposit of 190k on a 460k house. Our financial advisor shopped around and got us a good deal with Santander. They asked for contract and made sure i had 6 months left of my contract and had worked 6 months. All good they said.
Meanwhile, found a house, we have a buyer for ours and all is good.
Then 2 days ago i get a email of advisor saying that Santander have "looked at the small print" and noticed that the way my contract is made out it im self-employed as i could bring on 3rd parties to help with my work. Now being in Afghanistan that just cant happen. I get a montly salary, no tax to pay, medical insurance off the company etc etc. I have sent a letter to Santander through my advisor who is trying to persuade them that im not self-employed etc. Hopefully it will go ok and ill find out in the next few days.
My advisor said if the Santander thing falls through there is another way but he is waiting out first.
I dont want to have this all fall through because of someone's interpretation of a contract which actually has no bearing to how im employed out here.
Any ideas or is there anyone else who looks favourably on contractors, especially ones that work abroad.
Thanks in advance.

essayer

9,125 posts

196 months

Friday 27th June 2014
quotequote all
Are you a director of a limited company which has a contract with another company/organisation or agency ? Paid by your company in a mix of salary/dividends?


petop

2,144 posts

168 months

Friday 27th June 2014
quotequote all
Nope. Im paid directly by the agency i work for.