100% Mortgages

dunstonh

Doesnt mean you leave it that long. It may be more beneficial to you in this case to get them done asap as it is another year to show the lender.

peterc2609

Never thought of that!!!

Thanks!

peterc2609

I spoke to a broker last night and he came back today and told me that I had been referred.

BUT... the rates I would be looking at are around 8.4%!!!!!!!!!!!!!!!!!:mad:

This is because he would have to self cert... as I wouldn't get anything any other way!?!?

That was on a 90% as well!?!?

Any comments?

herbiesjp

I think he was a lazy or inexperienced broker

Which lender did you go for?

There should be full status deals that you should try first - a good broker will discuss these with the lender beforehand to see if they are amenable to the loan amount requested based on your circumstances

peterc2609

I'm not sure yet... or if he did tell me over the phone, I didn't take it in because of the shock!

I've had a call from a mortgage specialist for IT contractors who is looking at a rate of around 6.3% for 95%, so see what happens...

It went from pain to pleasure all in about 15 mins.

Mortgage_Genius_2

Hi - I have just read this thread as I have only today joined as a member.

I would like to reassure you that your situation is not uncommon and you have made the right decision by using a mortgage broker. I agree with Herbie above and it sounds like your first broker was inexperienced or lazy.

Just a word of caution on using "mortgage specialists" - I have found that many charge broker fees for their specialist services - just dont get fooled into believing you have to pay a fee if they specialise in IT contractors. There are many high street brokers who dont charge fees.

Good luck in getting your house - but dont get too stressed. As someone said earlier there will be other properties if this does not come off

peterc2609

They charge £400... 200 on appliation and then 200 on completion which isn't bad...

But they look at my daily rate etc, and know how IT contractors work...i.e. make my income look as littl as possible in order to pay as little tax as possible...

Whilst 'mainstream' brokers seem to look at my net profit which is intentionally quite low.

herbiesjp

peterc2609 wrote: »

They charge £400... 200 on appliation and then 200 on completion which isn't bad...

But they look at my daily rate etc, and know how IT contractors work...i.e. make my income look as littl as possible in order to pay as little tax as possible...

Whilst 'mainstream' brokers seem to look at my net profit which is intentionally quite low.

There are plenty fee free advisers that can help with this for you.

Like i have said numerous times previously, it is all about the broker discussing your case with the lender - no specialst requirements needed - just makes then sound a bit more important

peterc2609

I can't seem to find one though! Anyone on here want a go??

I've spoke with 3 or 4 over the past year or so, and they all seme to be traditional brokers who cannot understand the way my finances work.

I earn more than anyone I know (nearly!) and I can't seem to et a decent mortgage!

UK007BullDog

Peter, You have now spoken to 4 or 5 brokers on your own, had the input of nearly a dozen brokers here. Dont you think it is enough info for you?

Like I said before your dodgy credit file and your not fully up to date accounts are the problem.

Plus as you can see from my latest new post the lenders are starting to pull self certs for the employed as well. (I foresaw that one coming).

If you dont watch out the good deals may all pass you by while you try to hunt down the "greatest deal" which does not exist.