Hinckley and Rugby Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Hinckley and Rugby offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Hinckley and Rugby 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 an IFA concerning my remortgage because I am on a fixed term contract of two years (a media contractor). My contract started date earlier this year. I am looking for a 5 year fixed rate mortgage. Property value £325k, I want to borrow £150,000. I purchased the property 3 years ago for £220,500 and I currently owe 165k to Hinckley and Rugby
What criteria does a mortgage lender (for example Hinckley and Rugby) adopt to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
As contractor looking for a mortgage with Hinckley and Rugby 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.
Is it correct that that as contractor I would need a huge deposit up to as much as 50 per cent to qualify for a mortgage with Hinckley and Rugby.
My research online indicates that mortgage lenders in the main 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 reflect an accurate picture of my income potential. Will a broker specialising in contractor mortgages utilise bespoke underwriting with lenders such as Hinckley and Rugby.
The above information is in relation to properties in England and Wales.
Find out how to order your redemption statement request from Hinckley and Rugby