Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • MidLifeMayhem
    • By MidLifeMayhem 25th Jan 16, 7:22 PM
    • 20Posts
    • 6Thanks
    MidLifeMayhem
    Contractor Mortgage Broker Recommendations
    • #1
    • 25th Jan 16, 7:22 PM
    Contractor Mortgage Broker Recommendations 25th Jan 16 at 7:22 PM
    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.
Page 1
    • rusty_f
    • By rusty_f 25th Jan 16, 7:49 PM
    • 105 Posts
    • 48 Thanks
    rusty_f
    • #2
    • 25th Jan 16, 7:49 PM
    • #2
    • 25th Jan 16, 7:49 PM
    I used Freelancer Financials who were efficient, proactive, and help me through every panicked phone call I made.
    • questionss
    • By questionss 25th Jan 16, 8:37 PM
    • 294 Posts
    • 320 Thanks
    questionss
    • #3
    • 25th Jan 16, 8:37 PM
    • #3
    • 25th Jan 16, 8:37 PM
    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
    • By awolo1 26th Jan 16, 2:29 PM
    • 155 Posts
    • 59 Thanks
    awolo1
    • #4
    • 26th Jan 16, 2:29 PM
    • #4
    • 26th Jan 16, 2:29 PM
    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
    • By Nick_C 26th Jan 16, 2:42 PM
    • 2,495 Posts
    • 3,294 Thanks
    Nick_C
    • #5
    • 26th Jan 16, 2:42 PM
    • #5
    • 26th Jan 16, 2:42 PM
    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
    • By amnblog 26th Jan 16, 4:34 PM
    • 8,859 Posts
    • 3,374 Thanks
    amnblog
    • #6
    • 26th Jan 16, 4:34 PM
    • #6
    • 26th Jan 16, 4:34 PM
    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 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.
    • MidLifeMayhem
    • By MidLifeMayhem 26th Jan 16, 9:15 PM
    • 20 Posts
    • 6 Thanks
    MidLifeMayhem
    • #7
    • 26th Jan 16, 9:15 PM
    • #7
    • 26th Jan 16, 9:15 PM
    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
    • By Mortgage_Mark 27th Jan 16, 8:39 AM
    • 852 Posts
    • 352 Thanks
    Mortgage_Mark
    • #8
    • 27th Jan 16, 8:39 AM
    • #8
    • 27th Jan 16, 8:39 AM
    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.
    Originally posted by amnblog
    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.
    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.
    • Senior Paper Monitor
    • By Senior Paper Monitor 27th Jan 16, 9:13 AM
    • 2,876 Posts
    • 1,714 Thanks
    Senior Paper Monitor
    • #9
    • 27th Jan 16, 9:13 AM
    • #9
    • 27th Jan 16, 9:13 AM
    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".
    Last edited by Senior Paper Monitor; 27-01-2016 at 4:18 PM.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
    • awolo1
    • By awolo1 27th Jan 16, 10:11 AM
    • 155 Posts
    • 59 Thanks
    awolo1
    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
    • By Nick_C 27th Jan 16, 1:45 PM
    • 2,495 Posts
    • 3,294 Thanks
    Nick_C
    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.
    Originally posted by Mortgage_Mark
    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.
    • MortgageMamma
    • By MortgageMamma 27th Jan 16, 3:50 PM
    • 6,157 Posts
    • 3,029 Thanks
    MortgageMamma
    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.
    Originally posted by Nick_C
    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 Broker

    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.
    • MidLifeMayhem
    • By MidLifeMayhem 28th Jan 16, 7:51 PM
    • 20 Posts
    • 6 Thanks
    MidLifeMayhem

    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.
    Originally posted by Nick_C
    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.
    • amnblog
    • By amnblog 28th Jan 16, 9:07 PM
    • 8,859 Posts
    • 3,374 Thanks
    amnblog
    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.
    • Nick_C
    • By Nick_C 28th Jan 16, 9:17 PM
    • 2,495 Posts
    • 3,294 Thanks
    Nick_C
    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.
    Originally posted by amnblog
    Well actually it did. We had a lot queries from the underwriters.
    • amnblog
    • By amnblog 28th Jan 16, 9:19 PM
    • 8,859 Posts
    • 3,374 Thanks
    amnblog
    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.
    • csgohan4
    • By csgohan4 29th Jan 16, 8:15 AM
    • 2,596 Posts
    • 1,606 Thanks
    csgohan4
    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.
    Originally posted by Nick_C

    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"
    • Nick_C
    • By Nick_C 29th Jan 16, 3:32 PM
    • 2,495 Posts
    • 3,294 Thanks
    Nick_C
    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,
    Originally posted by csgohan4
    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.
    Originally posted by Nick_C
    This is a bit rude.
    Originally posted by MidLifeMayhem
    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.
    • frazell
    • By frazell 18th Oct 16, 9:45 AM
    • 156 Posts
    • 89 Thanks
    frazell
    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".
    Last edited by frazell; 18-10-2016 at 10:00 AM.
    • MidLifeMayhem
    • By MidLifeMayhem 19th Oct 16, 9:09 AM
    • 20 Posts
    • 6 Thanks
    MidLifeMayhem
    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 lol
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

312Posts Today

2,001Users online

Martin's Twitter