Last Updated: 23-12-2018
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There is one saving grace for contractors who’ve had a Decision in Principle overturned on the High Street. Contractor mortgages take a lot less time to complete than normal mortgages.
There are a couple of reasons. The most prominent is the upfront work we’ve put in beforehand. By narrowing down the paperwork underwriters need to see, we save customers a lot of time.
It’s not that we’re hiding anything. But by negotiating with underwriters direct, we know what they need to make an informed decision.
That we deal direct is in itself the second reason. The normal process on the High Street involves going through an adviser and maybe even the branch manager. Only then will they send your application off to head office.
We circumvent that bottleneck by going straight to the horse’s mouth. Contract-based mortgage underwriting gives us – and you – that freedom.
From start to finish, our mortgages should take no longer than 4-6 weeks to complete. That includes the lender evaluating your property to ensure their loan is secure. And it’s adequate time for your solicitor to conduct the legal searches required when buying a home.
There are times when lenders are busier than usual. But even then, by comparison, a contractor mortgage will complete faster than others on their books.
John Yerou is a pioneer of contractor mortgages and owner and founder of Freelancer Financials, Contractor Mortgages®, C&F Mortgages and Self Employed Mortgages, trading styles and brands of the award-winning Mortgage Quest Ltd.
Posted by John Yerou
on July 8th, 2015 10:04am in