Contractor Financial(No Fee) vs Contractor Mortgage Made Easy (Fee)

[farazfastian]

Hi Guys,

Could you guys help me choosing b/w the two? Both have given me Approval in Principal but tbh looks like both doing the same job i.e. talking to underwriter etc, only difference is that Contractor Mortgage Made Easy making 'talking to Underwriter' a big thing saying no other broker does that and charges £900 fee while Contractor Financial saying we do the same and charges no fee.

I would have chose Contractor Financial but I'm bit worried of 3 months gap i had in my contract.

Please advise?

Thanks

[Gumbo Robot]

Hi Guys,

Could you guys help me choosing b/w the two? Both have given me Approval in Principal but tbh looks like both doing the same job i.e. talking to underwriter etc, only difference is that Contractor Mortgage Made Easy making 'talking to Underwriter' a big thing saying no other broker does that and charges £900 fee while Contractor Financial saying we do the same and charges no fee.

I would have chose Contractor Financial but I'm bit worried of 3 months gap i had in my contract.

Please advise?

Thanks

Connractor Financial deal with a lender that can approve a mortgage if you've had no more than 6 months gaps in the last 2 years.

I know that cos I'm bang on the 6 months mark & I got AIP.

[lukemg]

Only difference is one gets paid by the lender and one gets paid by the lender and you, no brainer really....

[rd409]

Just drop Power Mortgages in the hat as well. If you ask nicely, you may be able to get the fees reduced.

Speak to Tom.

[Mark McBurney@CMME]

Connractor Financial deal with a lender that can approve a mortgage if you've had no more than 6 months gaps in the last 2 years.

I know that cos I'm bang on the 6 months mark & I got AIP.

Not necessarily true - this depends on the overall application. It's not just a blanket '6 months' rule, unfortunately.

[alphadog]

Just drop Power Mortgages in the hat as well. If you ask nicely, you may be able to get the fees reduced.

Speak to Tom.

Power Mortgages sorted us out too - we were very impressed with them. Our broker was Ben Rogers.

In our case the Building Society providing the mortgage swallowed the broker's fee, so we got the same deal as we would have got if we had have gone direct to the Building Society. (However we probably couldn't have gone direct because we wouldn't have got past the Ltd company scenario, irregular income, da da).

[farazfastian]

Just drop Power Mortgages in the hat as well. If you ask nicely, you may be able to get the fees reduced.

Speak to Tom.

But why should i go to a fee based broker if they're both doing the same job?
My credit history and profile is good, my current contract is for more than 3 months, only issue is that i just had 3 months gap in last 6 months. Is there a reason to go to a fee based broker?

[Gumbo Robot]

Not necessarily true - this depends on the overall application. It's not just a blanket '6 months' rule, unfortunately.

Yes, I guess it was in conjunction with my day rate and the amount I wanted to borrow.

[Mark McBurney@CMME]

But why should i go to a fee based broker if they're both doing the same job?
My credit history and profile is good, my current contract is for more than 3 months, only issue is that i just had 3 months gap in last 6 months. Is there a reason to go to a fee based broker?

I would say in your situation you'd need to check which lender both have recommended as, off the top of my head, provided you're actually being placed on contract rate, rather than limited company accounts (for example) a three month gap would be outside of policy for every single lender who has a contractor policy, so it would need some sort of sanction. Halifax, as an example, will 100% not lend based on day rate in your situation (they're a stickler for gaps).

[farazfastian]

Both of them suggested same lander with the exact same products which are Halifax and Scottish widows and it's based on day rate.

Thats why I'm inclined to no fee broker.

Thanks
Faraz