Allied Irish Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Allied Irish Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Allied Irish Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have retained a broker concerning my remortgage because I am on a fixed term contract of 3 years (on a grad scheme). My contract started date earlier this year. I am seeking a three year fixed rate deal. Property worth 165K, I want to borrow 132K. I purchased the property 3 years ago for 138K and I currently owe 115k to Allied Irish Bank
I am a finacial contractor looking to buy a home in London. My next step is to secure a mortgage ideally from Allied Irish Bank. Would it be wise to contact Allied Irish Bank directly or seek the assistance of a contractor specialist mortgage broker who is used to dealing with contractors and Allied Irish Bank.
What criteria does a mortgage lender (for example Allied Irish Bank) use to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
As a contractor (in the Oil & Gas industry) do I really need to produce at least six months of both business and personal bank statements as part of the due diligence process for Allied Irish Bank.I am not convinced that my broker is correct.
My research online suggests that banks and building societies mostly view contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as a media contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as Allied Irish Bank to offer funds on the more realistic basis of my contracted rate.
The above information covers to properties in England and Wales.
Find out how to order your redemption statement request from Allied Irish Bank