I am I wasting my time here?

BaileyMoselle

I decided I wanted to buy a little apartment to leave my kids. I have banked with a big Spanish based organisation for 15 years (not sure if I am allowed to mention names). I found a nice place, and made the offer to the estate agency, subject to mortgage approval. I made an appointment with the bank for the mortgage. The property was 85k and I had the 15% deposit. I arrived with my pay slips and they had access to all my bank transactions. I never thought there would be a problem. I am an IT contractor. I get paid as if I am an employee through an umbrella company, and my pay is very high in comparison to most folks. In the last year I have done contract work at two financial institutions - and these institutions conducted credit checks as stipulated by anti-fraud policies. I passed both checks so assumed my credit rating was fine. I have no debts. I have a credit card that I always pay off each month. I live in a caravan so this is unusual I agree, but it is a way of living that I enjoy. Anyway the mortgage was declined by the rating agency on Saturday. I gave up on the flat purchase. I told the real estate agency. They want me to meet with their mortgage expert tomorrow afternoon. The only reason for the decline I can think of is a gas bill I was chased for after moving - and which I paid about a year ago. My question is this: would this meeting be a waste of time? Should I just wait some more years and save and pay cash, or can the estate agency mortgage expert do some effective work for me here?

somethingcorporate

Go and find an independent broker rather than the one from the estate agency.

https://www.unbiased.co.uk - start here. It will save any further wasted applications.

kingstreet

... and switch off the "sponsored ads only" option on the site SC mentioned so you get a full list for your area, not just the paid-for adverts.

I suggest you obtain copies of all three of your credit files before you see a broker. He needs to know if it's a credit situation or your employment which has caused the problem;-

Equifax

https://www.econsumer.equifax.co.uk/...erletter.ehtml

Experian

https://secure.wiseconsumer.uk.exper...x.html?data=00

CallCredit

https://www.callcredit.co.uk/stat-re...pl=regPurchase

The £2 statutory paper files will be fine. Avoid online schemes you have to pay for which give you your inside-leg measurement and call it a "credit score" as this is different to the lender's, the one which actually matters to you...

holly_hobby

The credit checks performed as part of FS based staff (employee and temp) are public domain data only (CCJ's BO and VR, plus a CIFAS (fraud) check).

As such, they do not disclose payment profile info, such as that recorded and published under a CRA data check - they are 2 very different credit checks.

I presume that you have to operate under a Ltd Co format for client indemnity - although on the face of it you are semp, there are various lenders whom recognise and understand the contracting world, the likes of Halifax, Virgin - will take the value of the contract, with prev employment history in the sector and at least 12 mths preferred contracting with a known extension to the current gig.

That being said, there are other varibles here, if you have no traditinal perm residence so to speak, to which end the caravan must be a registered static home, with your registration on the local VR, utility bills (not site utility bills), council tax etc (which I presume is the case ?) - however, if it isn't and you just hitch it on to the back of the car, and move about to sites where your contracts take you (to save accomodation bills), then you won't secure a mge with any of the traditional lenders.

Throw into the mix purchasing an overseas holiday home, 2nd home or whatever you term it as, in Spain - well your options are fast dwindling.

High st lenders whom consider properties in spain are/were Barlcays, HSBC, Santander (whilst they were Abbey at least) - Barclays and Santander take intermediary introductions, whilst HSBC take (squeeky clean high quality) direct business only (meaning I don't think they'll be the answer here). You need to also take into account currency fluctuations and how that may devalue the investment, bearing in mind that the Euro is presently having a very bumpy ride of it.

So, yes spend an hour with a broker to bottom it out, my gut feeling on this is you'll struggle, but never say never ....

Wish you well .....

Holly

kingstreet

holly_hobby wrote: »

Throw into the mix purchasing an overseas holiday home, 2nd home or whatever you term it as, in Spain - well your options are fast dwindling

I read it that he was rejected by Santander and that was the only Spanish connection.

OP - clarification, please.

holly_hobby

Sorry my mistake, I thought he was buying for the kids in Spain ... having re-read thats not the case.

So housepoint to you Kings. ... well spotted.

Rest of the post stands.

H

maninthestreet

Are you on the electoral register?

BaileyMoselle

kingstreet wrote: »

I read it that he was rejected by Santander and that was the only Spanish connection.

OP - clarification, please.

Yes it was Santendar that rejected the application. I have no properties abroad. Another factor I just thought of is this - between 1999 and 2004 I worked various jobs in Switzerland, Germany and the Netherlands. Perhaps this gap in my UK credit history is a negative on my file.

BaileyMoselle

maninthestreet wrote: »

Are you on the electoral register?

No I am not on any electoral register. I was on one two years ago before I took on this alternative living arrangement.

kingstreet

I suspect you simply can't be found and there is no "credit score" possible for you.

A broker may be able to find you a non-scoring lender which will accept your unusual employment.

BaileyMoselle

holly_hobby wrote: »

The credit checks performed as part of FS based staff (employee and temp) are public domain data only (CCJ's BO and VR, plus a CIFAS (fraud) check).

As such, they do not disclose payment profile info, such as that recorded and published under a CRA data check - they are 2 very different credit checks.

I presume that you have to operate under a Ltd Co format for client indemnity - although on the face of it you are semp, there are various lenders whom recognise and understand the contracting world, the likes of Halifax, Virgin - will take the value of the contract, with prev employment history in the sector and at least 12 mths preferred contracting with a known extension to the current gig.

That being said, there are other varibles here, if you have no traditinal perm residence so to speak, to which end the caravan must be a registered static home, with your registration on the local VR, utility bills (not site utility bills), council tax etc (which I presume is the case ?) - however, if it isn't and you just hitch it on to the back of the car, and move about to sites where your contracts take you (to save accomodation bills), then you won't secure a mge with any of the traditional lenders.

Throw into the mix purchasing an overseas holiday home, 2nd home or whatever you term it as, in Spain - well your options are fast dwindling.

High st lenders whom consider properties in spain are/were Barlcays, HSBC, Santander (whilst they were Abbey at least) - Barclays and Santander take intermediary introductions, whilst HSBC take (squeeky clean high quality) direct business only (meaning I don't think they'll be the answer here). You need to also take into account currency fluctuations and how that may devalue the investment, bearing in mind that the Euro is presently having a very bumpy ride of it.

So, yes spend an hour with a broker to bottom it out, my gut feeling on this is you'll struggle, but never say never ....

Wish you well .....

Holly

Thanks for this information.
My umbrella company may be limited, but my agencies pay the umbrella company and they pay me as if I am a normal permanent employee. I do not submit invoices or pay myself dividends or any of that sort of thing. I pay more tax as a result, but it is less hassle for me.

I can see now it is better for me to buckle up and save for the next five years and then get a place for my kids.