RBS - Direct Line One Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether RBS - Direct Line One offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about RBS - Direct Line One and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
What criteria does a mortgage lender (for example RBS - Direct Line One) use to categorise a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
Me and and my wife are soon to submit for our first mortgage application with RBS - Direct Line One. Later this year I start working as a contractor. My wife is time employed as a lawyer and does have a six figure income. Is it going to be a case of just getting a non-contractor mortgage with RBS - Direct Line One in my wife’s sole name?
I understand that for some mortgage companies ‘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 RBS - Direct Line One
If I inform RBS - Direct Line One that I’m contracting, are they likely to charge me a higher rate on my mortgage?
I am lead to believe that mortgage lenders generally consider contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to paint 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 built up.
The content set out above is in relation to properties in England and Wales.
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