Landbay Partners Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Landbay Partners offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Landbay Partners 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 have just won a fixed term contract of two years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract started date this year. I am looking for a 5 year fixed rate deal. Property value £200,000, I want to borrow £150,000. I purchased the property three years ago for £220,500 and I currently owe 165k to Landbay Partners
What criteria does a mortgage lender (for example Landbay Partners) use to class a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
As contractor looking for a mortgage with Landbay Partners 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 true that as contractor I would require a significant deposit up to as much as 50 per cent to qualify for a mortgage with Landbay Partners.
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 an IT contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as Landbay Partners 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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