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  • FIRST POST
    • mystic_bertie
    • By mystic_bertie 26th Aug 17, 8:43 AM
    • 489Posts
    • 48Thanks
    mystic_bertie
    Self Employed Contractor - Is It Easy To Get Mortgage?
    • #1
    • 26th Aug 17, 8:43 AM
    Self Employed Contractor - Is It Easy To Get Mortgage? 26th Aug 17 at 8:43 AM
    Hi Folks

    Im 47 and i have had a mortgage in the past. Im renting in ENgland and considering buying a house with a budget of 150k. I have been working as a self employed contractor for a large well known company now for 14 months and recently i received another years contract. Before this i was unemployed for a while and my employment history was not so good. I also work through an agency and they pay my wages. I pay my accountancy firm to do my finances etc.

    How easy is it to get a mortgage with a 10% deposit given my circumstances, it looks like ill be in this job for another few years although there is no guarantee with any job. Can i apply for any mortgage deal i see or should i seek out certain types of lenders than lend to someone like me?
Page 2
    • VentureMM
    • By VentureMM 11th Sep 17, 11:47 AM
    • 10 Posts
    • 4 Thanks
    VentureMM
    There's no harm in making an offer, the seller can only say no; and while they may initially turn you down, you may find that they might come back to you if they can't find a buyer for the price they want.

    Also, you broker shouldnt really be looking to get you a decision in principle unless you know your going to make an offer on a property relatively soon, as these only have a fairly short life span of a few month and each time you obtain one it marks your credit score. If your already concerned about your credit score, you don't want to be doing anything that could affect it further; IMO.

    Either way best of luck with the house searching.
    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.
    • mystic_bertie
    • By mystic_bertie 11th Sep 17, 2:23 PM
    • 489 Posts
    • 48 Thanks
    mystic_bertie
    There's no harm in making an offer, the seller can only say no; and while they may initially turn you down, you may find that they might come back to you if they can't find a buyer for the price they want.

    Also, you broker shouldnt really be looking to get you a decision in principle unless you know your going to make an offer on a property relatively soon, as these only have a fairly short life span of a few month and each time you obtain one it marks your credit score. If your already concerned about your credit score, you don't want to be doing anything that could affect it further; IMO.

    Either way best of luck with the house searching.
    Originally posted by VentureMM
    Ok thanks for the advice regarding making an offer. I dont mind paying something near the valuation but i dont want to be offering a lot more just to satisfy the seller. I hope they are realistic.

    My broker has all my financial details and because i have 10% deposit and the default which is 4 1/2 years old, i have been in my current job 15 month and unemployed before that, the default seems to be an issue. There is no point in me looking for a house if he or i are not certain i will be able to get the money. He said himself he is unsure and thats why he was thinking of making an application to see what comes back. He wrote to a lender called Accord Mortgages and they are suggesting they have more flexibility if i have a 15% deposit, i cannot afford a deposit of 15% right now. I told him this and im awaiting on a response.
    • VentureMM
    • By VentureMM 11th Sep 17, 3:06 PM
    • 10 Posts
    • 4 Thanks
    VentureMM
    Oh ok, yes contacting the lender like he has is fine, but he wouldn't really want to put an application in unless you knew you'd be making an offer relatively soon. There may be other lenders that maybe willing to help you, but it could be a case that you will have to wait until either you can raise additional deposit, or the CCJ goes from your record, although waiting another year and a half may not be optimal for you.
    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.
    • mystic_bertie
    • By mystic_bertie 11th Sep 17, 3:52 PM
    • 489 Posts
    • 48 Thanks
    mystic_bertie
    Oh ok, yes contacting the lender like he has is fine, but he wouldn't really want to put an application in unless you knew you'd be making an offer relatively soon. There may be other lenders that maybe willing to help you, but it could be a case that you will have to wait until either you can raise additional deposit, or the CCJ goes from your record, although waiting another year and a half may not be optimal for you.
    Originally posted by VentureMM
    I am very keen to move and so if i cant get a mortgage now then i will probably rent again.

    The default on my account should not be there, it was originally with Barclaycard and should have been defaulted in 2011, i went into a DAS at the time, the debt was passed to this recovery agency LINK and they defaulted the debt in Mar 2013, the default should have been registered when the DAS was started in 2011, so this default should not be there, i have tried numerous times to get it removed but the company just refuse to do it. This week im going to write to the FOC and show proof of my DAS payments to Barclaycard, hopefully they can remove the default. I dont expect this to happen any time soon and so i better not hold my breath.
    • VentureMM
    • By VentureMM 12th Sep 17, 1:20 PM
    • 10 Posts
    • 4 Thanks
    VentureMM
    Best of luck with it, post an update with how you get on.
    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.
    • mystic_bertie
    • By mystic_bertie 12th Sep 17, 1:44 PM
    • 489 Posts
    • 48 Thanks
    mystic_bertie
    Best of luck with it, post an update with how you get on.
    Originally posted by VentureMM
    Thanks and no problem, hopefully it will be good news.
    • mystic_bertie
    • By mystic_bertie 12th Sep 17, 6:58 PM
    • 489 Posts
    • 48 Thanks
    mystic_bertie
    My broker has advised me that if i cant get a 15% deposit then the next option is specialised lenders who will accept the default, he is quoting a rate of 3.54% on a 2 year fixed deal, 90% LTV, i will be paying significantly more per month.

    I could wait and see if i can get the default removed but who knows how long this could take and if i will even be successful or not. Im paying £750 a month anyway and that's money down the drain compared to paying into a mortgage each month.
    • mystic_bertie
    • By mystic_bertie 17th Sep 17, 3:38 AM
    • 489 Posts
    • 48 Thanks
    mystic_bertie
    The default i mentioned is on my Noodle (call credit) report. It is also on my Clearscore (equifax). This default was updated on 8th Aug this year.

    I got a new Experian report and the default is not there, its a bang up to date report. So maybe the broker can find a lender that only uses Experian.
    • mystic_bertie
    • By mystic_bertie 23rd Sep 17, 7:13 AM
    • 489 Posts
    • 48 Thanks
    mystic_bertie
    After 3 weeks of emails back and forth, my broker has got to the point of being about to submit my application, it is at this point he notices that i dont have 2 years books. He has said i need to wait until i have 2 years books.
    • mystic_bertie
    • By mystic_bertie 23rd Sep 17, 10:55 AM
    • 489 Posts
    • 48 Thanks
    mystic_bertie
    For the record guys i find this guy Liam Thomas to be totally and utterly incompetent. He has bailed out after 3 weeks of ping pong emails, he is basically calling me a liar and saying i did not tell him that i was a self employed contractor and that i had been in my current role for 15 months. This is the main reason i contacted him and now he is claiming i did not mention any of these things on our first call. So after 3 weeks of ping pong emails and chasing him constantly for updates, he has totally wasted my time. The number of times i had to correct him or remind him of certain things it so unbelievable. Maybe he is too bust now and his service has gone right downhill. NOT RECOMMENDED!

    http://lt-mortgages.com/index.html (Liam Thomas)
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