Contractor Mortgage Broker Recommendations
Comments
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I suppose that depends on what "a try" entails. Make an appointment with a Santander Mortgage Advisor and they will be able to tell you whether or not they would be likely to offer you a mortgage based on your circumstances. If its out of the question, you don't need to get as far as a credit check.
It worked for us. We got a good value mortgage, Santander were sympathetic to our needs, and we didn't pay any fees.
We also made inquiries with other lenders who were able to tell us, without making a formal application or undertaking a credit check, that we would not meet their criteria. You may be able to find a broker that doesn't charge fee's,shop around.
If you lack the time or ability to organise this yourself then by all means pay a fee to a Mortgage Broker, but personally I have never found the need.
If you do take this persons advice, make sure you tell the mortgage lender in front that you do not want to be credit scored until you have their assurance, perhaps from a mortgage underwriter, that you fit their criteria. Too many credit checks can spoil your chances, and mortgage underwriting criteria changes all the time, that is where brokers come in handy.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If you lack the time or ability to organise this yourself then by all means pay a fee to a Mortgage Broker, but personally I have never found the need.
This is a bit rude. The lending for contractor mortgages differs greatly between lenders as noted by the helpful posters above. Also the situation you've described is far removed from a contractor working on day rates and registered as a limited company.
I've contact a couple of recommended brokers and hope to progress once I have all the necessary paperwork together.0 -
Nick
Don't mistake getting lucky with Santander with 'ability to organise yourself'.
Obtaining a mortgage with them had nothing to do with your other half needing specialist underwriting to handle the Contractor income which is the point of this thread.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Nick
Don't mistake getting lucky with Santander with 'ability to organise yourself'.
Obtaining a mortgage with them had nothing to do with your other half needing specialist underwriting to handle the Contractor income which is the point of this thread.
Well actually it did. We had a lot queries from the underwriters.0 -
You pushed a square peg through a round hole.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I suppose that depends on what "a try" entails. Make an appointment with a Santander Mortgage Advisor and they will be able to tell you whether or not they would be likely to offer you a mortgage based on your circumstances. If its out of the question, you don't need to get as far as a credit check.
It worked for us. We got a good value mortgage, Santander were sympathetic to our needs, and we didn't pay any fees.
We also made inquiries with other lenders who were able to tell us, without making a formal application or undertaking a credit check, that we would not meet their criteria.
If you lack the time or ability to organise this yourself then by all means pay a fee to a Mortgage Broker, but personally I have never found the need.
Doesn't mean Santander were good value for money. Did you actually look at the best buy tables and compared ?? Brokers are best suited especially if you are self employed,"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Doesn't mean Santander were good value for money. Did you actually look at the best buy tables and compared ?? Brokers are best suited especially if you are self employed,
Yes of course I did, and Santander were excellent value for money.
We took out a lifetime tracker at BOEBR + 1.99%, which was one of the best rates available. No arrangement fees, and the ability to repay or overpay at any time.
Because we have a 123 current account, and get 1% cashback on the monthly repayment (the whole monthly repayment, not just the interest element) this effectively bring the interest rate down from 2.49% to 2.42%.If you lack the time or ability to organise this yourself then by all means pay a fee to a Mortgage Broker, but personally I have never found the need.MidLifeMayhem wrote: »This is a bit rude.
Not intended to be rude or in any way commenting on your abilities. I don't know what they are.
If you lack the ability to do something properly yourself, it's always best to employ a professional. That's why I currently have an electrician and a plasterer working upstairs - I lack the ability to do the work they are doing for me.
Many people don't understand financial matters and would struggle to find the best deal for them. They should seek advice and pay for it if necessary.0 -
I'm a LTD company contractor and I managed to get a mortgage on one years accounts back in 2011 via a broker with Saffron. It was incredibly difficult but we managed it.
After the two year period we remortgaged again using the same broker and as I had 3years solid accounts by then we got a good deal with Santander.
Since that time we have managed the mortgage ourselves as it appears to be easier once you have a good few years of accounts behind you.
If you have a few years accounts (+3years) then it should be easier to approach the high street lenders directly. I can honestly say that back in 2011 I would never have attained the mortgage I did without the help of my broker.
These days I am less concerned with approaching high street lenders directly but our LTV is relatively low and we are not borrowing upto our limits. There is a good deal of overhead available should the lender decide to undervalue our house slightly, or average out my accounts rather than taking a single years (higher) income.
If you want piece of mind that you will attain your product and the amount you want then you should not underestimate the benefit of a broker. They will prevent you falling at the first hurdle.
Also, I should add, the broker I use is not a specialist contractor broker so I wouldn't rule out a broker just because they aren't called a "contractor broker".0 -
Thanks Frazell, I think a bit of spam might have resurrected this thread.
I've bought my house and ended up with Clydesdale Bank on a 2yr fix at 1.99% for a 75%LTV so was quite pleased.
It's good to know that by the time I remortgage, with 3 years' accounts, I could potentially manage this myself or go to a mainstream broker.
Now if I could just sell my old house, everything would be sweet lol0
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