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 mortgage adviser concerning my remortgage because I have just won a fixed term contract of four years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract started date this year. I am looking for a 5 year fixed rate mortgage. Property value £200,000, I want to borrow 132K. I bought the property three years ago for £157,000 and I currently owe 115k to Allied Irish Bank
Does the CML Lender's Handbook stipulate the requirements for Allied Irish Bank when it comes to contractor mortgages or self-employed mortgages.
As contractor looking for a mortgage with Allied Irish Bank 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.
I am lead to believe that mortgage lenders mostly consider contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs remove the hassle by making use of the expertise and contacts they have established.
Could a contractor mortgage with Allied Irish Bank be a better option for me than a standard Allied Irish Bank mortgage ?
The above information covers to properties in England and Wales.
Find out how to order your redemption statement request from Allied Irish Bank