Contractor Mortgage Broker Recommendations

MidLifeMayhem · 25 January 2016 at 8:22PM

Long time reader, but first time posting. I'm a contractor and am looking for recommendations for a Mortgage Broker.

I made contact with Contractor Financials last year to discuss options and found them pretty hopeless (recommending lenders who don't lend in Scotland for example). Have been trying to speak to someone there for a week and have just about given up.

Any other good brokers for contractors?

Many thanks.

rusty_f · 25 January 2016 at 8:49PM

I used Freelancer Financials who were efficient, proactive, and help me through every panicked phone call I made.

questionss · 25 January 2016 at 9:37PM

We applied direct to our bank - we do have a lot of good history with them

If that hadn't been successful we were going to use contractor mortgages made easy - recommended by several contracting friends - but they were expensive!

awolo1 · 26 January 2016 at 3:29PM

I have used a broker for contractors - they are quite expensive if you compare their fee with other brokers - but I found the service to be very professional. I had regular updates and they got me the mortgage I wanted, with some adverse credit going back to 2012 (few missed payments).

I consider their fee well justified, as I attempted to apply direct with halifax directly last year for a DIP on their website, and it was declined. So unless halifax have significantly changed their scoring models since then, or they have presented it differently to Halifax, I'm not sure.

Contact me if you want the name of the person I used, very happy to recommend. I'm not going to disclose the name on here, but it's one of the main guys in the industry.

Nick_C · 26 January 2016 at 3:42PM

My OH is a contractor. He's a University Lecturer working at three different Unis on contracts ranging from 1 day to 13 weeks. This has been his work pattern for 6 years. We got a mortgage from Santander. Worth trying before you go down the route of paying a broker.

amnblog · 26 January 2016 at 5:34PM

Santander would not be the choice of many.

Surprised that out original poster was being recommended Lenders that do not lend in Scotland. The main Contract friendly Lenders have no problem with Scotland.

MidLifeMayhem · 26 January 2016 at 10:15PM

Thanks for the replies so far. Annblog, I think one of them was Saffron? Given my day rate and good credit history, as well as mortgage being relatively small I was surprised to be quoted none of the mainstream contractor lenders.

I did approach Virgin myself and quickly found they had no idea what I was talking about, so know a broker is my best bet even if they are horrendously expensive.

Mortgage_Mark_2 · 27 January 2016 at 9:39AM

amnblog wrote: »

Santander would not be the choice of many.

Surprised that out original poster was being recommended Lenders that do not lend in Scotland. The main Contract friendly Lenders have no problem with Scotland.

I'm a contractor specialist broker and have used Santander on literally one or two occasions only. Certainly not 'worth a try' as being declined could adversely affect an application to the right bank.

There are only one or two lenders who won't lend in Scotland that are 'contractor friendly' but one of them has been mentioned above. As for why a mainstream lender wasn't mentioned when Saffron was; there are many small, sometimes silly, quirks of lending criteria for contractors that may well preclude you from looking at the 'big' boys.

Until recently for example, Virgin Money would only lend to people who had a history of 6 or 12 month contracts. Literally only that. I had an enquiry rebuffed for a chap who had one seven month contract. Essentially they didn't want the business. That has changed slightly now but it's a small example of some of the ridiculous red tape you come up against for contractors.

Senior_Paper_Monitor · 27 January 2016 at 10:13AM

Virgin and contractors is an absolute no go area - they simply don't want the business. By no means my favourite lender at any time - but their contractor criteria is barking mad - and their underwriting philosophy unfathomable.

... and to quote the Santander BDM who has just left our office - "I wouldn't bother bringing them to us either. Too much grief - take them to someone who specializes in contractors".

awolo1 · 27 January 2016 at 11:11AM

MidLifeMayhem, I have tried to PM you, but for some reason, it doesn't show in my sent items...did you receive my PM with the details?

Nick_C · 27 January 2016 at 2:45PM

Mortgage_Mark wrote: »

I'm a contractor specialist broker and have used Santander on literally one or two occasions only. Certainly not 'worth a try' as being declined could adversely affect an application to the right bank.

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.

Contractor Mortgage Broker Recommendations

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