written by Property_tycoon on 04/01/2017
I'm a contractor in the banking sector. This is considered by lenders to be self employed, and therefore difficult to get a mortgage (or at least get a decent loan amount). KMC were the only lender in the market who was willing to give me the amount I needed to buy a 2 bedroom semi in SE London. They were prepared to base servicing calculations on my day rate, instead of 2-3 years annual accounts which made a huge difference to the amount I could borrow. The approval process was drawn out and arduous. My solicitors were not considered to have the relevant accreditations and this was not pointed out until a long way down the track. The process took so long, the vendor thought I was not serious about completing the purchase. Got there in the end, and 2 years after settlement I have finally come off the compulsory 2 year fixed rate and have refinanced with a high street lender - repayments are £500 p/m cheaper! Property has gone up by £85k. I would say go for it if it's going to get you on the ladder - just make sure you make the repayments on time.
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