Are we as safe as this email implies?

lauraanddavid17

We have received this response from Halifax when exploring whether my partner being a contractor is an issue (we failed when going to Halifax through a estate agent mortgage advisor AFTER AIP)...

Is it therefore a done deal from my side of things?

_________________________________________

Hi David,

You have officially applied for the Mortgage and have passed on both the footprint and full credit searches so we certainly have no concerns with this side of the application.

The only thing that could stop the Mortgage from being offered is if the property is not suitable for lending on but apart from this, everything is absolutely fine.

I hope this puts your mind at rest!

Kind Regards
**** Halifax Mortgage Acquisition Team

Dave_Ham

Hi,

I read this on your other thread (which I found a tad confusing) and could add not value so did not comment.

I do not believe we can know enough to give you the reassurance you need or are after.

Typically, Halifax do not entertain contractors although it depends upon the detail as contractors is a broad term for many types of employment structure

I cannot imagine it can get declined through a broker and then achieved directly in branch.

Still, happy to be proved wrong and you get the mortgage you are after.

Good luck

lauraanddavid17

When I said contractor, I work in IT and worked for a massive company for 8 years. Was made redundant in September and now am working for the directors of that massive company (who were also made redundant) and their start up business.

Got a 6 month contract for now, which they are intending to extend and then make me perm late next year.

MY credit is excellent, depost is 20% and affordability is great.

This guy from halfiax is saying that it won't go to an underwriter as it's a straight forward strong application.

Does this help at all?

Thanks

Dave_Ham

It does make it clearer thank you.

Exactly what stage did you get to with the mortgage broker and what was the exact reason for the decline?

lauraanddavid17

It was after AIP and just before the valuation. The senior underwriter said that because I was perm in my previous employment as opposed to a contractor that this is not continuous employment.

Dave_Ham

Which is their criteria.

Why does the branch based adviser think that they can get it through, when not company policy?

lauraanddavid17

He's not branch based, I called up to talk to them directly.

I believe it's because I have such a strong work history and work in the IT Field. The guy has also email me the following to explain...

Hi David,

I have been a Mortgage Advisor for 3 years and have keyed over 20 application's alone for IT Contractors where I had many concerns (which I do not on your case) and they were all offered and have now completed. This is a direct application so the Advisor you are speaking with, will have no idea how we work internally.

There is no way I would have keyed and supported this application if I had any concerns as this would not be in my best interests so please be assured that I have no concerns with this application as it stands.

Our Policy states for IT Contractors, that they must have a history in the trade (which you certainly have) and have a Contract with at least 6 months remaining and if not can get a letter confirming the extension (which Laura confirmed had already been agreed) but as it stands, we do not need any further information from yourself to progress this application.

If you have any further questions, please direct them to me and not this other person.

Kind Regards
***

Dave_Ham

To be fair, either they have changed procedure or I just remembered it incorrectly which is always why I always check.

This is the current criteria:

IT contractors

For all IT contractors whether employed, self-employed or utilising an umbrella company, we will accept the gross value of the contract as evidence of income. All applicants must have been contracting for a minimum of 1 year or employed in a similar business

This is pretty implicit to be fair.

lauraanddavid17

Maybe it's the "employed in a similar business" that is allowing my perm work to be counted?

I'm nervous paying the valuation fee tomorrow (already lost £850 to the independant advisor we paid).

Should I put my faith in Halifax??

Dave_Ham

Its not for me to say, but there is an element of discretion in the policy and assuming the underwriter the first time was not happy to approve they will have sight of this on this time round.

Why are you so much down from the first unsuccessful AIP, what did you pay for?

lauraanddavid17

£350 for the mortgage advisor, £315 for the valuation and the other was admin fees, I believe.

I am tempted to go ahead with it as I'm not seeing other options.

Halfiax have put it in writing in an email that I won't fail on my career circumstances so hopefully if it DOES go wrong I might be able to get my cash back this time round as they would have misled us