Well, having found out almost as much as one lay person should every have to know about mortgages, income multiples, sa302s and the fussiness of different lenders, i settled on something i wouldnt normally do.
I am not a 'think local' person in general, I would rather buy from amazon than buy in town, i would rather make my decisions in my own time in my own way than go and speak face to face.
Last time i got a mortgage it was so easy. I went to hsbc, said "can I have a mortgage please", the answer was "yes". Thank you.
That was 2004 and the world has moved on, a lot.
I initially went back to hsbc, they had amazing rates and generous multiples. But, they took quite a punitive attitude to self employed income.
I shopped around, checked out different online calculators, measuring up different rates.
I have had difficulty finding a lender that:
- would average out my income based on the last two years of profits (though i have three years accounts)
- Had a very attractive long term tracker or significant fixed rate,
- If fixed rate, attractive offers to existing customers (to know that i dont get screwed when mortgage reverts to SVR, aka Santander)
- To be all done efficiently and quickly.
Well it seems i have found the solution. Of course I'll only find out when they confirm the actual mortgage.
I went to my local building society. The Cumberland.
4 1/2 yr (dont ask) fixed rate 2.89%, on an ltv of 63%.
I know there are deals out there that can shave that down. Normally i wouldnt consider fixed rates. I reckon the banks probably have a better grip on where the rates are going than i do. A nice simple tracker would do me. However, it would only take one base rate movement and I wouldnt be out of pocket.
I called this morning for an appointment, they managed to see me this afternoon. Had all my paperwork, explained everything. Adviser seemed knowledgeable and helpful (just like they used to elsewhere), it seems that she is largely the decision maker instead of some secret underwriter living in middle earth. If it does get 'sent upstairs', the banks head office is indeed, upstairs.
Fingers are crossed.
I am not a 'think local' person in general, I would rather buy from amazon than buy in town, i would rather make my decisions in my own time in my own way than go and speak face to face.
Last time i got a mortgage it was so easy. I went to hsbc, said "can I have a mortgage please", the answer was "yes". Thank you.
That was 2004 and the world has moved on, a lot.
I initially went back to hsbc, they had amazing rates and generous multiples. But, they took quite a punitive attitude to self employed income.
I shopped around, checked out different online calculators, measuring up different rates.
I have had difficulty finding a lender that:
- would average out my income based on the last two years of profits (though i have three years accounts)
- Had a very attractive long term tracker or significant fixed rate,
- If fixed rate, attractive offers to existing customers (to know that i dont get screwed when mortgage reverts to SVR, aka Santander)
- To be all done efficiently and quickly.
Well it seems i have found the solution. Of course I'll only find out when they confirm the actual mortgage.
I went to my local building society. The Cumberland.
4 1/2 yr (dont ask) fixed rate 2.89%, on an ltv of 63%.
I know there are deals out there that can shave that down. Normally i wouldnt consider fixed rates. I reckon the banks probably have a better grip on where the rates are going than i do. A nice simple tracker would do me. However, it would only take one base rate movement and I wouldnt be out of pocket.
I called this morning for an appointment, they managed to see me this afternoon. Had all my paperwork, explained everything. Adviser seemed knowledgeable and helpful (just like they used to elsewhere), it seems that she is largely the decision maker instead of some secret underwriter living in middle earth. If it does get 'sent upstairs', the banks head office is indeed, upstairs.
Fingers are crossed.