Barclays plc Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Barclays plc offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Barclays plc and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am seeking some mortgage advice. I am currently an engineering contractor, 12 months into a 2 contract. However, I'm unlikely to be moved onto a permanent contract until around June time. My question is, will Barclays plc even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I have retained a broker regarding my remortgage because I have just won a fixed term contract of 3 years (an engineering contractor). My contract started date this year. I am looking for a five year fixed rate mortgage. Property value 165K, I want to borrow 132K. I purchased the property four years ago for 138K and I currently owe 165k to Barclays plc
I am an IT contractor looking to buy a home in London. My next step is to secure a mortgage preferably with Barclays plc. Should I contact Barclays plc directly or seek the assistance of a contractor specialist mortgage broker who focuses on dealing with contractors and Barclays plc.
As contractor looking for a mortgage with Barclays plc 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.
My research online indicates that banks and building societies mostly view contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as a media contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages utilise bespoke underwriting with lenders such as Barclays plc.
The content set out above is in relation to properties in England and Wales.
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