Ecology Building Society Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Ecology Building Society offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Ecology Building Society 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 mortgage adviser regarding my remortgage because I have just won a fixed term contract of two years (an IT contractor). My contract started date last year. I am seeking a three year fixed rate deal. Property worth £325k, I want to borrow £150,000. I purchased the property three years ago for £157,000 and I currently owe 165k to Ecology Building Society
Do any sections of the CML Lender's Handbook set out the requirements for Ecology Building Society when it comes to contractor mortgages or self-employed mortgages.
As contractor looking for a mortgage with Ecology Building Society will they want to assess my experience, my history of contracting, the length of my current contract and the likelihood of it being renewed? If so I will start to get the paperwork together.
My existing mortgage lender had given us consent to let. My situation changed last year, I started my own company and started working as a contractor. Are you able to recommend a lender who specialises in contractor mortgages?
I am lead to believe that mortgage lenders mostly 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 paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages utilise bespoke underwriting with lenders such as Ecology Building Society.
The above information is in relation to properties in England and Wales.
Find out how to order your redemption statement request from Ecology Building Society