Which broker is flavour of the month? Used ContractorMoney in the past (and happy with their service) but they've not replied to my recent enquiry so keen to look elsewhere.
Any recommendations?
Any recommendations?
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Try Nathan Moor at London and Country Mortgages ..Originally posted by Crossroads View Post
http://www.lcplc.co.uk/contact-us 01225 341 400 -
Hi Crossroads, please accept my apologies if we dropped the ball when you got in touch. We've been through every enquiry over the past few weeks and still havent been able to find you so if we can still help please dont hesitate to drop me a line via [email protected] or call 0845 062 8888.
Tony Harris
MD
ContractorMoneyComment
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Have a look directly - I tried Contractor Money and they didn't come up with anything I hadn't already seen myself, helpful as they were though.Originally posted by Crossroads View Post______________________
Don't get mad...get even...Comment
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Mortgage Broker
You sound a little difficult to please kaiser78!Originally posted by kaiser78 View Post
Why would you go direct when a specialist mortgage broker is prepared to do the work for you, save you the time, and not charge you a broker free?
You sound like an interesting challenge!
JohnComment
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e.g when lender offers a good deal and is not prepared to work with mortgage brokers, like First Direct ?Originally posted by Freelancer Financials View PostComment
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Mortgage Broker
Hi Lumiere, your correct.Originally posted by Lumiere View Post
First Direct stopped using mortgage brokers and IFA's from January 2008. You can only apply to them by phone or internet. Which means that you have to deal directly with some customer service representative over the phone who is more than likely, inexperienced and doesn't have a clue how to deal with you. This is not just my opinion but that of many contractors who have applied, been let down and come to us. The problem with lenders like First Direct is that they have a simplistic view of what qualifies as relevant earnings for lending purposes. The standard criteria used for assessing contractors makes it difficult for the majority of contractors to apply to First Direct.
Let me tell you what the typical lending criteria is for First Direct:
They will ask for 3 years accounts, and use a multiple of 3.5 times your Ltd company net profits. If you don't have 3 years accounts, they will sometimes consider two years accounts as long as you can show them a current contract with a minimum of 6-12 months left to run. The problem with this type of lending criteria, is that in most cases, contractors accounts do not always reflect their full potential earnings.
However, if you're a contractor with 3 years accounts and sufficient net profits which fit with First Direct's standard lending criteria (and their mortgage deal is good) go ahead.
A good Contractor specialist mortgage broker will have direct contact with key people within the lenders Head Office underwriting teams and hopefully, like ourselves, will be able to base your earnings on a simple multiple of your contract rate alone.
This means that you don't have to rely on the traditional method of using accounts, which will not fully reflect the total earnings that you have at your disposal, for income verification on a mortgage application.
JohnComment
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Moi ? I knew what type of mortgage I wanted (offset mortagage using ISA cash savings accounts as the offset). Given the very few places that offer this I was telling the broker what was available instead of him advising me. And when he did take up the application on my behalf he dragged his heels and I was always having to chase him. It was just easier for me and less time consuming to sort it out directly. Job done !Originally posted by Freelancer Financials View PostYou sound a little difficult to please kaiser78! Why would you go direct when a specialist mortgage broker is prepared to do the work for you, save you the time, and not charge you a broker free?
You sound like an interesting challenge!
John______________________
Don't get mad...get even...Comment
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er I use first direct and they are brilliant... you really can do this yourself. Also remember that indie financial advisors make money some how ... instead of paying them, ask for this (fee) as a discount from the suppliers. ... it's all very easy.Comment
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Hello again,Originally posted by kaiser78 View Post
Intelligent Finance (IF) Offset mortgage was the perfect choice for this. It's a real shame that when Lloyds TSB acquired the HBOS group which IF was part of, they decided to close the IF brand for new business. We took so many contractors to them.
I agree that your mortgage requirements were very specific. To have an offset mortgage linked to an ISA savings account, the ISA has to be set-up with the same lender. That means that if your ISA is set-up with a different provider, you have to transfer it over.
I wonder how many contractors are using Intelligence Finance offset mortgage? They recently made an announcement from 1st April 2010
You'll no longer be able to:
1. Apply for additional borrowing on your mortgage
2. Switch your mortgage to another Intelligent Finance mortgage product
3. Take your existing mortgage loan to a new home (regardless of amount)
That's a real shame.
JohnComment
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