GE Money Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether GE Money offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about GE Money 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 GE Money) 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?
Going through the contractor mortgage process to move to a buy to let with a new mortgage company. All paperwork completed and sent. Received a call from the lender to say they can't move forward with process unless my current manager writes me a letter confirming that my contract will definitely get extended and when new end date will be. Any advice?
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?
Were I to inform GE Money that I’m contracting, are they likely to charge me a higher rate on my home loan?
My research online suggests that mortgage lenders 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 give an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as GE Money to offer funds on the more realistic basis of my contracted rate.
The above information is in relation to properties in England and Wales.
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