Offset Mortgage - First Direct Offset Mortgage - First Direct
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    Default Offset Mortgage - First Direct

    Hi all,

    I just wondered if anyone had an offset mortgage with First Direct? I called them but didn't get through to the mortgage department, but was told they wouldn't accept dividends as income, so I would not be eligible for one. Anyone else managed to get one with them? IF not, but you have one with a different provider, who did you get one through?

    Thanks in advance.

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    Quote Originally Posted by doconline View Post
    Hi all,

    I just wondered if anyone had an offset mortgage with First Direct? I called them but didn't get through to the mortgage department, but was told they wouldn't accept dividends as income, so I would not be eligible for one. Anyone else managed to get one with them? IF not, but you have one with a different provider, who did you get one through?

    Thanks in advance.
    You really need to speak to a specialist broker if you are a contractor. I doubt they will help you with first direct - first direct don't accept broker applications but there used to be a couple of options for offset mortgages from contractor friendly banks...
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    Back in the days when I had a mortgage I was mortgaged with FD (& current account) and wanted to move up.

    As you say FD wouldn't consider dividends so had to go through a Broker and ended up with Bank of Ireland who were more sympathetic

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    Go through a broker. It will cost you very little (in the grand scheme of things) and they will know what to do and who to go to so that you get a mortgage.
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    Thanks for all the replies everyone.

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    I use Freelancer Financials and I am almost sure they set me up with a offset product through RBS. It was 4% rate so you'll have to work the numbers to see if it's more beneficial for you or not.

    Although they are a specialist contractor setup they do have access and can help with non contractor offerings if you fit the criteria.
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    Give London and Country broker a ring

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    I just got an offer in principle from Nationwide, they do take into account dividends they asked for the total amount of income dividends, salary and other income that was on my (and my wife's) tax returns for the past two years and based the mortgage offer on that.
    Have to say it was much lower then the one I got from one of the contractor brokers, but that was irresponsibly high

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    Quote Originally Posted by Eirikur View Post
    I just got an offer in principle from Nationwide, they do take into account dividends they asked for the total amount of income dividends, salary and other income that was on my (and my wife's) tax returns for the past two years and based the mortgage offer on that.
    Have to say it was much lower then the one I got from one of the contractor brokers, but that was irresponsibly high
    You don't have to accept the full amount offered.
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  10. #10

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    Barclays who also accepted dividends as poi. At the time anyhow.
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