Hodge Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Hodge offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Hodge 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 broker regarding my remortgage because I am on a fixed term contract of 3 years (on a grad scheme). My contract started date last year. I am looking for a five year fixed rate mortgage. Property worth £325k, I want to borrow 132K. I bought the property three years ago for £157,000 and I currently owe 120K to Hodge
As contractor looking for a mortgage with Hodge 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.
I am finding the process of trying to obtain a contractor mortgage extremely frustrating. There doesn't seem to be many lenders who really understand my situation and the challenges faced being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
I am lead to believe that mortgage lenders mostly consider contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused mortgage broker persuade lenders such as Hodge to offer funds on the more realistic basis of my contracted rate.
Could a contractor mortgage with Hodge be a better option for me than a standard Hodge mortgage ?
The above information covers to properties in England and Wales.
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