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 been dealing with a mortgage adviser concerning my remortgage because I have just won a fixed term contract of 3 years (on a grad scheme). My contract started date this year. I am looking for a five year fixed rate deal. Property worth 165K, I want to borrow £150,000. I purchased the property 3 years ago for £157,000 and I currently owe 115k to Better HomeOwnership
What criteria does a mortgage lender (for example Better HomeOwnership) use to categorise someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
I am finding the process of looking for a contractor mortgage very frustrating. I can't seem to find any lenders who really understand my situation and the peculiarities of being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
How can I make myself more attractive to a lender such as Better HomeOwnership when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
I understand that for some banks ‘contractors’ can be a red flag to their lending decision. Are there any lenders that take the same approach to mortgages for contractors as they do for standard home loan applications. I am particularly interested in a mortgage deal with Better HomeOwnership
The above information is in relation to properties in England and Wales.
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