Advice on getting a mortgage in principle Advice on getting a mortgage in principle
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  1. #1

    Nervous Newbie

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    Default Advice on getting a mortgage in principle

    Hi guys

    Hope you can help me. I am considering moving into a bigger property for a while now. I started contracting in January and would like to know what the best method of getting a new mortgage would be for my circumstances?

    I am on a decent rate. I have a limited company and accountant all sorted out.

    I have an existing mortgage with Halifax and got it while I had a permanent job.

    My contract is in the same field as what I have been doing in permanent assignments for the past 17 years. I am an IT Project Manager.

    Any specialist brokers for contractors who will get quotes from the whole market?

  2. #2

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    Quote Originally Posted by alitech View Post
    Hi guys

    Hope you can help me. I am considering moving into a bigger property for a while now. I started contracting in January and would like to know what the best method of getting a new mortgage would be for my circumstances?

    I am on a decent rate. I have a limited company and accountant all sorted out.

    I have an existing mortgage with Halifax and got it while I had a permanent job.

    My contract is in the same field as what I have been doing in permanent assignments for the past 17 years. I am an IT Project Manager.

    Any specialist brokers for contractors who will get quotes from the whole market?
    there are specialist brokers. Do a search on this site.
    Why not ring Halifax and ask them? They're going to want to keep your custom.
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  3. #3

    Prof Cunning @ Oxford Uni

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    Quote Originally Posted by alitech View Post
    Any specialist brokers for contractors who will get quotes from the whole market?
    Specialist brokers for contractors will get quotes from as many places as possible, but it won’t be the whole market. Not all lenders will touch contractors, and those that will may have limited products to offer, e.g. wanting a bigger deposit. They’ll also want lots of paperwork.
    Strong and Stable Moderation

  4. #4

    Faqqed Off

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    Quote Originally Posted by Lance View Post
    there are specialist brokers. Do a search on this site.
    Why not ring Halifax and ask them? They're going to want to keep your custom.
    Contractor Mortgages Made Easy (CMME) and Freelancer Financials (FF) tend to get good reviews.
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  5. #5

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    You can use the search function to help with common questions.

    The method is described in a sticky in the FAQ/welcome section of the forum but in a nutshell type something like the following into Google.
    'mortgage site:forums.contractoruk.com'
    Or
    'contractor mortgage site:forums.contractoruk.com'
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  6. #6

    Banned

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    Quote Originally Posted by alitech View Post
    Hi guys

    Hope you can help me. I am considering moving into a bigger property for a while now. I started contracting in January and would like to know what the best method of getting a new mortgage would be for my circumstances?

    I am on a decent rate. I have a limited company and accountant all sorted out.

    I have an existing mortgage with Halifax and got it while I had a permanent job.

    My contract is in the same field as what I have been doing in permanent assignments for the past 17 years. I am an IT Project Manager.

    Any specialist brokers for contractors who will get quotes from the whole market?
    Many lenders will want to see 2 or 3 years audited accounts before giving 'self employed' people loans but, there are exceptions. Brokers may help be aware some charge, some dont. I went to see the same broker about 18 months apart and he tried to push polar opposite deals to what he did previously because they were now paying him the biggest commission.

    Contact your existing lender and make enquiries but be aware, they could get a bit shirty if you havent already told them your employment status has changed.

    I was able to swap my mortgage to my bank who were doing a great deal with a rapid repayment rolled up account. I even got a 500 quid 'reward' for switching and dumped all our savings and spare cash into it so effectively we had no mortgage but had a draw down facility of over 100 grand.

    It was so good, they removed the product from the market a number of years ago so when I went back to get an extension, they told me they didnt have a product to match and advised me to stay with the deal I had for the rest of the term.

  7. #7

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    Might hold off getting a mortgage until the UK finally leaves the EU.
    “We've always defined ourselves by the ability to overcome the impossible. And we count these moments. These moments when we dare to aim higher, to break barriers, to reach for the stars, to make the unknown known. We count these moments as our proudest achievements. But we lost all that. Or perhaps we've just forgotten that we are still pioneers. And we've barely begun. And that our greatest accomplishments cannot be behind us, because our destiny lies above us.”

  8. #8

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    Quote Originally Posted by scooterscot View Post
    Might hold off getting a mortgage until the UK finally leaves the EU.
    What are you expecting to happen to mortgages when that happens?

  9. #9

    More fingers than teeth

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    Quote Originally Posted by Camels View Post
    What are you expecting to happen to mortgages when that happens?
    House prices taking a deeper than expected correction. You might be left with a considerable amount of negative equity.
    “We've always defined ourselves by the ability to overcome the impossible. And we count these moments. These moments when we dare to aim higher, to break barriers, to reach for the stars, to make the unknown known. We count these moments as our proudest achievements. But we lost all that. Or perhaps we've just forgotten that we are still pioneers. And we've barely begun. And that our greatest accomplishments cannot be behind us, because our destiny lies above us.”

  10. #10

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    Quote Originally Posted by scooterscot View Post
    House prices taking a deeper than expected correction. You might be left with a considerable amount of negative equity.
    Exactly - Everyone I know is selling up

    You would be mad to buy at the moment unless you were getting a bargain.

    London and UK property is going to have a severe crash

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