Better HomeOwnership Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Better HomeOwnership offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Better HomeOwnership 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 regarding my remortgage because I have just won a fixed term contract of two years (a media contractor). My contract begin date earlier this year. I am looking for a 5 year fixed rate deal. Property value £200,000, I want to borrow £150,000. I bought the property three years ago for £157,000 and I currently owe 115k to Better HomeOwnership
I’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 75k contractor mortgage with a lender such as Better HomeOwnership?
Do any sections of the CML Lender's Handbook stipulate the requirements for Better HomeOwnership when it comes to contractor mortgages or self-employed mortgages.
My existing mortgage lender had given us consent to let. My situation changed last year, I started my own company and started working as a contractor. Are you able to recommend a lender who specialises in contractor mortgages?
I am lead to believe that mortgage lenders generally view 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 paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as Better HomeOwnership to offer funds on the more realistic basis of my contracted rate.
The content set out above covers to properties in England and Wales.
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