Contractor mortgage

moonwatcher

I am an IT contractor looking to get a mortgage. As standard lenders don't seem to want to deal with contractors I have decided to use a specialist contractor mortgage broker. Has anyone here had experience with these types of brokers and could recommend one? I am currently thinking of using Contractor Financials so if anyone has had experience with them I would really like to hear your views.

roast

moonwatcher wrote: »

I am an IT contractor looking to get a mortgage. As standard lenders don't seem to want to deal with contractors I have decided to use a specialist contractor mortgage broker. Has anyone here had experience with these types of brokers and could recommend one? I am currently thinking of using Contractor Financials so if anyone has had experience with them I would really like to hear your views.

I've used them a few times...can't fault them.

kingstreet

"Normal" brokers have the same lender options, so if you are paying a big fee for this advice, you may find you can get cheaper by shopping around.

Having the word "Contractor" in the broker's title seems to see them charge £500+ more than others...

Most of us know where to go when an IT Contractor wants to use their daily rate, or where there's an umbrella company or sub-contractor issue.

egoode

I'm an IT contractor and I didn't use a specialist contractor broker just a normal one that a contractor friend recommended. I did speak to a specialist contractor broker as well but found they made it seem they were the only one who could possibly get me a mortgage and their fees were really high. The broker I ended up going with has managed to get me 2 mortgage offers so far just haven't completed due to other issues, he is on commission rather than me paying a fee which I know some don't like but he gave me better options and found me a mortgage with everything I was looking for which the contractor broker didn't manage to do.

amnblog

As KS

Most brokers have some experience with Contractors and know how to handle them.

A specialist may be more experienced with Contractors as we are

Wh05apk

amnblog wrote: »

As KS

Most brokers have some experience with Contractors and know how to handle them.

A specialist may be more experienced with Contractors as we are

Contractors are not difficult to deal with, to be honest, they can normally be easier than someone who is just self employed.

Mortgage_Mark_2

Wh05apk wrote: »

Contractors are not difficult to deal with, to be honest, they can normally be easier than someone who is just self employed.

I'll agree to disagree.

Many, many of my clients have been with 'conventional' brokers who have 'assured them you can get this, I've spoken to the underwriters' and guess what?

Declined, and they were never, ever fitting the criteria of that lender.

A specialist is worth their weight in gold in some situations, i.e. pretty much non-IT contractors. I'll certainly agree that most brokers know what to do with IT contractors.

Although there are still one or two pieces of information that trip up non-specialists from time to time.

TeamMCS

Call up Halifax directly, they'll give you a MIP very quickly. I wouldn't bother with a broker as they'll just use Halifax anyway (RBS)

Mortgage_Mark_2

TeamMCS wrote: »

Call up Halifax directly, they'll give you a MIP very quickly. I wouldn't bother with a broker as they'll just use Halifax anyway (RBS)

Incorrect, and incorrect.

But other than that, spot on.

TeamMCS

Mortgage_Mark wrote: »

Incorrect, and incorrect.

But other than that, spot on.

I must be imagining my mortgage that I took out last month. The second point was down to my experience, I'm sure some brokers use others lenders.

[edit]
If needed I'll give you the guy I spoke to (@Halifax) through the entire process.

TeamMCS

The other I know/knew who would work with contractors is http://www.furnessbs.co.uk/. Probably worth calling them for a MIP