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 retained a broker regarding my remortgage because I am on a fixed term contract of two years (on a grad scheme). My contract begin date last year. I am looking for a three year fixed rate mortgage. Property worth 165K, I want to borrow £150,000. I purchased the property 3 years ago for 138K and I currently owe 115k to Clydesdale Bank
in the throws of proceeding through the contractor mortgage process to move to a buy to let with a new bank. All paperwork completed and sent. Received communication from the lender to say they can't move ahead with process unless my current manager issues a letter saying my contract will definitely be prolonged and when new end date will be. Any thoughts?
I am finding the process of trying to obtain 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.
How can I make myself more attractive to a lender such as Clydesdale Bank when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
My research online suggests that mortgage lenders generally view contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a contractor-focused mortgage broker utilise bespoke underwriting with lenders such as Clydesdale Bank.
The content set out above covers to properties in England and Wales.
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