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New mortgage requirements...?

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    New mortgage requirements...?

    Has anyone had to deal with this yet?

    Finished with my fixed term mortgage this month, so tried to remortgage (Halifax) to go onto another fixed term. Have 50% LTV, never missed a payment in 8 years, and have savings to pay the balance in full (if required)

    Could I remortgage? Could I ****!

    They want my sa302 (self asses tax) from the last 3 years - which will no doubt show my tax-efficient frugality when it comes to salary, and my full accounts (turnover, profit), which will include the 12 months I went without a contract in 12-13. As my accountant put it, the chances of me getting this new mortgage are slim.

    Has anyone found a way to get round this? Or a lender that is perhaps a little bit less rigid in their approach?

    Cheers
    Lou

    #2
    Find a Financial Advisor who deals with contractors and knows who to present the correct information to... There are plenty who post on this forum PowerMortgages is one that springs to mind...
    merely at clientco for the entertainment

    Comment


      #3
      12 months without a contract

      I'd be pulling my savings out the bank if I thought they were involved in such risk taking.
      "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

      Comment


        #4
        we are currently applying for a new mortgage and they do seem to want alot of information.
        The Coventry seem to be quite a "friendly" lender but there is a delay in applying due to having to perform all these checks.

        Comment


          #5
          Originally posted by LouC View Post
          Has anyone had to deal with this yet?

          Finished with my fixed term mortgage this month, so tried to remortgage (Halifax) to go onto another fixed term. Have 50% LTV, never missed a payment in 8 years, and have savings to pay the balance in full (if required)

          Could I remortgage? Could I ****!

          They want my sa302 (self asses tax) from the last 3 years - which will no doubt show my tax-efficient frugality when it comes to salary, and my full accounts (turnover, profit), which will include the 12 months I went without a contract in 12-13. As my accountant put it, the chances of me getting this new mortgage are slim.

          Has anyone found a way to get round this? Or a lender that is perhaps a little bit less rigid in their approach?

          Cheers
          Lou
          As others have said, your best bet is to use a broker, you pay a bit in commission, but for that you get a service that takes care of lot of the hassle involved. Contractor Mortgages Made Easy and Freelancer Financials seem to get good feedback on here, but you can always do your own searches and decide which if any to go with.

          Comment


            #6
            Call Freelancer Financials. PM me for details if you like.

            Comment


              #7
              Different lenders require different things, and some mortgage advisors are trusted to vouch for you to a degree.

              If you were out of work for a year that does look a bit bad however you play it, but showing the company had massive financial reserves(?) should help. Did you continue to take salary and dividends to a similar level that year, if so you could swing it that way.
              Originally posted by MaryPoppins
              I'd still not breastfeed a nazi
              Originally posted by vetran
              Urine is quite nourishing

              Comment


                #8
                Originally posted by zeitghost
                Sometimes one feels quite nostalgic for the dim & distant days of 25 year repayment mortgages.

                Not me, obviously, since I paid in human skulls.
                FTFY
                The material prosperity of a nation is not an abiding possession; the deeds of its people are.

                George Frederic Watts

                http://en.wikipedia.org/wiki/Postman's_Park

                Comment


                  #9
                  I'd suggest speaking with a contractor-specialist broker ASAP - that year out of contract could be a thorn in your side however you present it, but I'd want to get a broker who knows what he/she is doing on the case as soon as possible if it were me.

                  Good luck.

                  Comment


                    #10
                    Originally posted by LouC View Post
                    Has anyone had to deal with this yet?

                    Finished with my fixed term mortgage this month, so tried to remortgage (Halifax) to go onto another fixed term. Have 50% LTV, never missed a payment in 8 years, and have savings to pay the balance in full (if required)

                    Could I remortgage? Could I ****!

                    They want my sa302 (self asses tax) from the last 3 years - which will no doubt show my tax-efficient frugality when it comes to salary, and my full accounts (turnover, profit), which will include the 12 months I went without a contract in 12-13. As my accountant put it, the chances of me getting this new mortgage are slim.

                    Has anyone found a way to get round this? Or a lender that is perhaps a little bit less rigid in their approach?

                    Cheers
                    Lou
                    Lou, your best option is to stay with Halifax and get the best retention deal they have to offer. There are a number of mortgage specialist on this forum (including ourselves) that can assist you. E.g. Power Mortgages, CMME, Martin@AS Financials & Contractor Financials. All the best.

                    John Yerou
                    Freelancer Financials

                    Comment

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