Birmingham Midshires Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Birmingham Midshires offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Birmingham Midshires and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
in the throws of proceeding through the contractor mortgage process to move to a buy to let with a new lender. All documents done and submitted. Received a call from the lender to say they can't move forward with process unless my current manager writes me a letter confirming that my contract will definitely be prolonged and when new end date will be. Any thoughts?
I understand that for some lenders ‘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. In particular I have my eye on a mortgage deal with Birmingham Midshires
Even though I am a contractor (freelance journalist) is it necessary for me to supply at least six months of both business and personal bank statements as part of the due diligence process for Birmingham Midshires.I am not convinced that my broker is correct.
Were I to reveal to Birmingham Midshires that I’m contracting, are they likely to charge me a higher rate on my mortgage?
I am lead to believe that banks and building societies in the main view contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by maximising use of the expertise and contacts they have built up.
The above information covers to properties in England and Wales.
Find out how to order your redemption statement request from Birmingham Midshires