Foundation Home loans Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Foundation Home loans offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Foundation Home loans 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 concerning my remortgage because I am on a fixed term contract of 3 years (an IT contractor). My contract begin date earlier this year. I am seeking a three year fixed rate mortgage. Property worth £325k, I want to borrow 132K. I bought the property four years ago for 138K and I currently owe 165k to Foundation Home loans
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 Foundation Home loans?
Does the CML Lender's Handbook stipulate the requirements for Foundation Home loans when it comes to contractor mortgages or self-employed mortgages.
How can I make myself more attractive to a lender such as Foundation Home loans 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 in the main consider 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 contractor-focused mortgage broker remove the hassle by making use of the expertise and contacts they have built up.
The above information is in relation to properties in England and Wales.
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