Paragon Mortgages Ltd Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Paragon Mortgages Ltd offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Paragon Mortgages Ltd and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am a self employed contractor. Mortgage options are being looked at but its problematic. I have considered is whether I could get a letter from my company confirming I will be moved onto a permanent contract before the end of my set term? Would this assist my cause when applying for a mortgage with lend
Does the CML Lender's Handbook set out the requirements for Paragon Mortgages Ltd when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example Paragon Mortgages Ltd) use to class a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
How can I make myself more attractive to a lender such as Paragon Mortgages Ltd when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
My research online indicates that mortgage lenders in the main view contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a contractor-focused mortgage broker remove the hassle by maximising use of the expertise and contacts they have built up.
The above information covers to properties in England and Wales.
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