Lloyds Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Lloyds offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Lloyds and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
Does the CML Lender's Handbook stipulate the requirements for Lloyds when it comes to contractor mortgages or self-employed mortgages.
Myself and my fiance are currently about to apply for our first mortgage with Lloyds. However, after studying, I've just this month started working as a contractor, although I'm yet to register etc with HMRC. My fiance is full time employed as a lawyer, and so does have a healthy salaryfor us to put forward. I was hoping to get some advice on how my contractor status will affect us getting an application approved please?
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 challenges faced being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
My research online suggests that mortgage lenders mostly consider contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused IFAs utilise bespoke underwriting with lenders such as Lloyds.
Could a contractor mortgage with Lloyds be a better option for me than a traditional Lloyds mortgage ?
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