First Direct Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether First Direct offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about First Direct 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 mortgage adviser regarding my remortgage because I am on a fixed term contract of two years (a finacial contractor). My contract begin date this year. I am seeking a 5 year fixed rate deal. Property worth £200,000, I want to borrow 132K. I bought the property three years ago for £220,500 and I currently owe 120K to First Direct
Notwithstanding that I am a contractor (in the Oil & Gas industry) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do First Direct even grant mortgages to contactors ?
If I tell First Direct that I’m contracting, will they charge me a higher rate on my mortgage?
I am lead to believe that banks and building societies mostly view contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as a media contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as First Direct to offer funds on the more realistic basis of my contracted rate.
I have no idea whether First Direct are in the business of issuing contractor mortgages but in the event that they do how does a First Direct contractor mortgage differ from a traditional mortgage?
The above information is in relation to properties in England and Wales.
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