Clydesdale Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Clydesdale Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Clydesdale Bank 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 broker concerning my remortgage because I am on a fixed term contract of four years (on a grad scheme). My contract begin date last year. I am seeking a five year fixed rate mortgage. Property worth 165K, I want to borrow 132K. I bought the property three years ago for £157,000 and I currently owe 120K to Clydesdale Bank
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 125k contractor mortgage with a lender such as Clydesdale Bank?
Do any sections of the CML Lender's Handbook stipulate the requirements for Clydesdale Bank when it comes to contractor mortgages or self-employed mortgages.
I am finding the process of trying to obtain a contractor mortgage extremely frustrating. There doesn't seem to be many 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.
I am lead to believe that banks and building societies generally 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 give an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by making use of the expertise and contacts they have established.
The above information is in relation to properties in England and Wales.
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