M&S Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether M&S Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about M&S Bank 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 regarding my remortgage because I am on 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 begin date this year. I am seeking a 5 year fixed rate deal. Property value £200,000, I want to borrow 132K. I bought the property 3 years ago for £157,000 and I currently owe 120K to M&S Bank
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 85k contractor mortgage with a lender such as M&S Bank?
Does the CML Lender's Handbook set out the requirements for M&S Bank when it comes to contractor mortgages or self-employed mortgages.
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 peculiarities of being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
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 give an accurate picture of my income potential. Will a contractor-focused IFAs utilise bespoke underwriting with lenders such as M&S Bank.
The above information covers to properties in England and Wales.
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