Bank of Scotland Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Bank of Scotland offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Bank of Scotland and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
As contractor looking for a mortgage with Bank of Scotland will they want to assess my experience, my history of contracting, the length of my current contract and the likelihood of it being renewed? If so I will start to get the paperwork together.
Going through the contractor mortgage process to move to a buy to let with a new lender. All documents done and sent. Received a call from the lender to say they can't move forward with process unless my current manager writes me a letter confirming that my contract will definitely be prolonged and when new end date will be. Any thoughts?
Notwithstanding that I am a contractor (in the Oil & Gas industry) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do Bank of Scotland even grant mortgages to contactors ?
I am lead to believe that mortgage lenders mostly consider contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a broker specialising in contractor mortgages utilise bespoke underwriting with lenders such as Bank of Scotland.
Could a contractor mortgage with Bank of Scotland be a better option for me than a traditional Bank of Scotland mortgage ?
The above information covers to properties in England and Wales.
Find out how to order your redemption statement request from Bank of Scotland