Freelance Worker Mortgage

Senior_Paper_Monitor

I swore not to post on this site again after a spat with one of the moderators, but am concerned that Emma may have a problem ..

It is easy to get this sort of case through online DIPs because the DIP doesn't ask the relevant questions (but knocking up 3 credit searches is not the best thing to do, let alone any subsequent ones if that becomes necessary) - but detailed underwriting can present problems (and will with most lenders), often after money has been spent.

The problem is that media employees (film, television and production industry) of these grades look like the equivalent of 'jobbing barmen', just better paid, moving from one taxed at source temporary role to another, often on a near weekly basis.

This is compounded by the appalling paperwork of at least the film industry side (TV may be better) and the fact that production companies (the employers) come and go (wound up) through each production/series.

The regulations/guidelines are laid down in some extensive (the basic guidlelines run to 28 pages) HMRC publications.

We were first presented one of these cases about a year ago - and it took much research and negotiation to place what on the face of it should have been a simple case (2 x income, 75% LTV with clean credit). Despite doing a few more since (as a reult of the first case) we still only place these with a couple of 'receptive' lenders - and each take careful preparation and explanation of the supporting paperwork. We ALWAYS take these cases for pre-approval (with that paperwork before DIP/application to ensure no surprises further on) and would suggest that you get your broker to do the same.

holly_hobby

Thought I hadn't seen you about ... what happened SPM ?

Your comments re the DIP (which I think in reality are simple AIPs ) - yes as per my original post (and depending on what they actually do) - I completely agree, yet would hope that the broker had an prelimary uw acceptance via the BDMs before citing acceptance.

Time will tell !!!

Glad to see you again x

Holly

Dave_Ham

Senior_Paper_Monitor wrote: »

I swore not to post on this site again after a spat with one of the moderators, but am concerned that Emma may have a problem ..

It is easy to get this sort of case through online DIPs because the DIP doesn't ask the relevant questions (but knocking up 3 credit searches is not the best thing to do, let alone any subsequent ones if that becomes necessary) - but detailed underwriting can present problems (and will with most lenders), often after money has been spent.

The problem is that media employees (film, television and production industry) of these grades look like the equivalent of 'jobbing barmen', just better paid, moving from one taxed at source temporary role to another, often on a near weekly basis.

This is compounded by the appalling paperwork of at least the film industry side (TV may be better) and the fact that production companies (the employers) come and go (wound up) through each production/series.

The regulations/guidelines are laid down in some extensive (the basic guidlelines run to 28 pages) HMRC publications.

We were first presented one of these cases about a year ago - and it took much research and negotiation to place what on the face of it should have been a simple case (2 x income, 75% LTV with clean credit). Despite doing a few more since (as a reult of the first case) we still only place these with a couple of 'receptive' lenders - and each take careful preparation and explanation of the supporting paperwork. We ALWAYS take these cases for pre-approval (with that paperwork before DIP/application to ensure no surprises further on) and would suggest that you get your broker to do the same.

I thought the other day about your lack of posts, although given what some of the people get away with posting here cannot believe you have got yourself in trouble?

Do tell more...

holly_hobby

Dave_Ham wrote: »

I thought the other day about your lack of posts, although given what some of the people get away with posting here cannot believe you have got yourself in trouble?

Do tell more...

I know I'm intrigued (now don't call me nosey !! )

Someone else who's fell off the radar is The J (ooh he could be cutting to those who didn't know their eggs !) and also Neverdespairgirl (who was also a lovely poster) ....

Maybe they'll pop up again too ....

H x

Wh05apk

holly_hobby wrote: »

I know I'm intrigued (now don't call me nosey !! )

Someone else who's fell off the radar is The J (ooh he could be cutting to those who didn't know their eggs !) and also Neverdespairgirl (who was also a lovely poster) ....

Maybe they'll pop up again too ....

H x

.....................probably something to do with his signature, or lack of it.................

holly_hobby

Wh05apk wrote: »

.....................probably something to do with his signature, or lack of it.................

Who's missing sig and why ?

H

Senior_Paper_Monitor

... and by the way, we suggest that film industry employees subject to the HMRC requirement to be PAYE based volunteer for self asessment and report their PAYE income (the form permits that) with a couple of cash jobs declared and heh presto they are self employed and by the time the remortgage comes round they ahve 2/3 years SA302s and the problem goes away. They can also offset some costs (although these are usually fairly small amounts) against tax.

The HMRC regulations apply to the employers (who cannot treat certain grades as self employed) but this does not stop the employee being self employed.

Hope that helps - I am back off to my self imposed penitary !!

Senior_Paper_Monitor

Nah - they took that off me for following the instructions on another section on the website to declare that I was (then - since dropped it) a Utility Warehouse distributor. I left it as they changed it - their choice.