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      Financial advisers.

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      LFCexiled
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      • Lazarus of LFC
      Financial advisers.
      Jun 16, 2017 03:29:07 pm
      Hi folks

      Me and Sam are in an unfamiliar situation where we'll probably be in need of a financial adviser but I thought I'd ask some of you guys before we shell out hundreds of pounds to someone where some of you may be able to help.

      In a nutshell.....

      We're going through the right to buy on our council house, probably end up being about £46,000.

      The reason we're asking for help is I'm self employed with a ltd company (staff of 1, me) and its the first time I've ever been self employed so getting a mortgage this way will be all shiny and new. (We want a fifteen year mortgage). I was on a mortgage before but that was as full time employed.

      I know I can just go the bank and get one but I've heard about tracker mortgages and the ability to pay them off early, what would I be best getting what with me being self employed, I'd like to be able to pay off a much as possible by working myself to near death for a couple of years.

      Any help would and shall be appreciated.
      7-King Kenny-7
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      Re: Financial advisers.
      Reply #1: Jun 16, 2017 04:16:35 pm
      I think usually they want you to have 3 years worth of books if you are self employed. Not always a definite requirement but usually works in your favour.
      If you have a ltd company then why aren't you just employed by that business instead of going self employed?
      LFCexiled
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      • Lazarus of LFC
      Re: Financial advisers.
      Reply #2: Jun 16, 2017 04:26:20 pm
      I think usually they want you to have 3 years worth of books if you are self employed. Not always a definite requirement but usually works in your favour.
      If you have a ltd company then why aren't you just employed by that business instead of going self employed?

      I've been told about having my books but it's more about the best mortgage. I only put that it in case it mattered, save anyone having to ask.

      Also just to clarify, by self employed I meant employed by the company (staff of 1).
      RedPuppy
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      Re: Financial advisers.
      Reply #3: Jun 16, 2017 04:32:52 pm
      I would not worry about the length of the mortgage, if you get a 25 yr one, you can pay it off early, that's what we have done.

      Paid it normally, and when we had a nest egg, paid off a chunk of mortgage when we could.

      Just make sure you don't have an early payment clause.
      LFCexiled
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      • Lazarus of LFC
      Re: Financial advisers.
      Reply #4: Jun 16, 2017 08:58:41 pm
      I would not worry about the length of the mortgage, if you get a 25 yr one, you can pay it off early, that's what we have done.

      Paid it normally, and when we had a nest egg, paid off a chunk of mortgage when we could.

      Just make sure you don't have an early payment clause.

      Cheers pups.

      The 15 year is more to do with me being 50 next birthday and wanting it gone by 65. I work with a fella who's 74 and still driving an artic around Manchester town centre trying to pay his mortgage off, f**k that. I want it gone.

      Having said that Sam's only 33 so she can get off her fat arse and pay it off.

      😉
      RedPuppy
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      Re: Financial advisers.
      Reply #5: Jun 16, 2017 09:54:03 pm
      Cheers pups.

      The 15 year is more to do with me being 50 next birthday and wanting it gone by 65. I work with a fella who's 74 and still driving an artic around Manchester town centre trying to pay his mortgage off, f**k that. I want it gone.

      Having said that Sam's only 33 so she can get off her fat arse and pay it off.

      😉

      Got you, wish you the best of luck.
      Shabs
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      Re: Financial advisers.
      Reply #6: Jun 29, 2017 08:38:35 am
      Hi folks

      Me and Sam are in an unfamiliar situation where we'll probably be in need of a financial adviser but I thought I'd ask some of you guys before we shell out hundreds of pounds to someone where some of you may be able to help.

      In a nutshell.....

      We're going through the right to buy on our council house, probably end up being about £46,000.

      The reason we're asking for help is I'm self employed with a ltd company (staff of 1, me) and its the first time I've ever been self employed so getting a mortgage this way will be all shiny and new. (We want a fifteen year mortgage). I was on a mortgage before but that was as full time employed.

      I know I can just go the bank and get one but I've heard about tracker mortgages and the ability to pay them off early, what would I be best getting what with me being self employed, I'd like to be able to pay off a much as possible by working myself to near death for a couple of years.

      Any help would and shall be appreciated.

      Best would be get a fixed low rate for 3/5 years so the repayments are very low, usually there is a fee for this type p, allowing you time to save too to pay it off earlier & also you would still be allowed to pay 10% lump payment every year to reduce the capital without early repayment cost.
      althebest1
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      Re: Financial advisers.
      Reply #7: Jul 03, 2017 09:54:52 am
      Have a serious look into an off set mortgage, I took one and never looked back (good if you have savings or will have).
      LFCexiled
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      • Lazarus of LFC
      Re: Financial advisers.
      Reply #8: Jul 03, 2017 10:13:17 am
      Best would be get a fixed low rate for 3/5 years so the repayments are very low, usually there is a fee for this type p, allowing you time to save too to pay it off earlier & also you would still be allowed to pay 10% lump payment every year to reduce the capital without early repayment cost.

      Cheers Shaba, noted.

      Have a serious look into an off set mortgage, I took one and never looked back (good if you have savings or will have).

      Cheers ATB, also noted.
      heimdall
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      Re: Financial advisers.
      Reply #9: Jul 03, 2017 01:02:02 pm
      Get in touch with HALIFAX, they do specialised mortgages for self employed people and at decent rates. I'd recommend trying to get a 5 year fixed rate mortgage at the moment, that's what I've just done.

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