Mortgage

[bcm_spark]

Evening all, just wondered if there are any contractors here who have recently got a mortgage and who they are with and any issues etc.

Just been turned down by Post Office as I've only been using my ltd company on and off for past few years rather than 3 straight years. Nevermind that I can prove I can afford the mortgage etc.

Been in touch with a broker but they want nearly a grand for the privilege of sorting me out. Any help appreciated, surely I must be able to sort this without a broker or daft fees like that.

Ben

 

[Octopus]

Unfortunately you are in the category where lenders need to see proof of income and some organisations are less flexible than others.....

We had a similar issue a few years back and our long standing mortgage provider wouldn't help us at all .... so I turned to Lloyds Bank (where I have my business account) and they were far more helpful..... we have been with them now nearly 4 years.

How come you've only been using your ltd company "on and off"?

Sorry is this isn't very helpful

 

[Dan]

You're subprime if you're self-employed unless you have a massive deposit. Speak to some actual financial advisors in your area and they may be able to put you right with a good bank manager or other lender.

 

[bcm_spark]

I've been on agency/direct jobs and then go on to a blue book job where you have to be employed by the company so made the ltd company dormant for a while. The thing is I'm earning a lot more than I would be if I was employed, never out of work and often turn jobs down, got a good financial track record etc and a decent size deposit from selling my house.

Looks like its the broker route

 

[snowhead]

Who do you Bank with?
They can see your past/current income.

 

[Octopus]

^^ I hate to put a dampener on that strategy, but our previous mortgage provider had also been the holder of our joint account and principle credit card - 20 + years of never being over drawn meant nothing to them......

 

[Leader]

Try L&C, just sorted mine with them and they don't charge a fee.

 

[Flanders]

Try london and county they are a good broker

Leader beat me to it

 

[bcm_spark]

Santander, been with them for years even before it was Santander. They won't touch me. What really grates me is that we, the tax payer bailed out these bankers (I'm sure there's a better word for them) and they still won't lend us our money back!

I'll try give L&C a call tomorrow thanks.

 

[danzor]

Get a broker and let them deal with the sharks

 

[FatAlan]

Shop around with brokers.

 

[Midwest]

OP unfortunately, a few years back the Banks p) were handing out mortgages like confetti. Nowadays there's restrictions on them, and their financial advisers.

Just paid off my mortgage, that I've had in one form or other for over 40 years. Had a couple of nightmare scenarios over the years, one where a financial adviser from a large assurance institution, was a crook who signed us up to multiple life insurance on the pretext of getting a mortgage. We didn't know anything, until their area manager knocked the door, asking why we had taken out millions of pounds of life insurance policies.

The best advise is to get some advice from a financial adviser (they are regulated now). Perhaps your bank would be a good place to start?