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Stick with First Direct?
thecatwithnotail
Posts: 9 Forumite
I'm in a pretty good position, mortgage-wise. I got a First Direct offset (remortgaging) back at the end of 2007 on the flat I live in. Worked out perfectly for me as I was about to inherit a bit of a lump sum that would see most of my capital repaid/offset.
I'm now in a new situation with wanting to buy a place to live in with my partner, so I'm going to be selling up and getting my second home - getting a little mortgage and moving up the ladder. The problem is that although my partner is a quite well-paid business analyst, he's a contractor and First Direct won't underwrite borrowing on his earnings. I'm ineligible for a new offset on my earnings alone, although they have made us an offer in principal on a repayment mortgage - the best they would offer was £25k short of what we really wanted to be shopping with.
Really not sure what steps to take next, and actually not even sure an offset is really right for our next purchase. I've been thinking that I would be locking away the capital from my current place once it's sold, and having a very low LTV - probably around 35 - 40% once my partner has put a share in that he has.
Thinking of maybe looking at another provider and getting a second offer on the table (perhaps Santander or Scottish Widows?) - seeing if we can get the full offer that we wanted at a decent price. Is that OK - making a second application to another provider if the first offer you receive isn't to your liking? I know that they will sometimes be doing a credit check on Equifax, so I'm cautious to be just making applications all over the place.
Is there anywhere that anyone can recommend who takes contractor earnings with a bit less prejudice than FD?
Ta
I'm now in a new situation with wanting to buy a place to live in with my partner, so I'm going to be selling up and getting my second home - getting a little mortgage and moving up the ladder. The problem is that although my partner is a quite well-paid business analyst, he's a contractor and First Direct won't underwrite borrowing on his earnings. I'm ineligible for a new offset on my earnings alone, although they have made us an offer in principal on a repayment mortgage - the best they would offer was £25k short of what we really wanted to be shopping with.
Really not sure what steps to take next, and actually not even sure an offset is really right for our next purchase. I've been thinking that I would be locking away the capital from my current place once it's sold, and having a very low LTV - probably around 35 - 40% once my partner has put a share in that he has.
Thinking of maybe looking at another provider and getting a second offer on the table (perhaps Santander or Scottish Widows?) - seeing if we can get the full offer that we wanted at a decent price. Is that OK - making a second application to another provider if the first offer you receive isn't to your liking? I know that they will sometimes be doing a credit check on Equifax, so I'm cautious to be just making applications all over the place.
Is there anywhere that anyone can recommend who takes contractor earnings with a bit less prejudice than FD?
Ta
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