Magellan Homeloans Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Magellan Homeloans offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Magellan Homeloans and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am looking for some mortgage advice. I am currently on a grad scheme, 12 months into a two contract. However, I'm unlikely to be moved onto a permanent contract until around June time. My query is, will Magellan Homeloans even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
What criteria does a mortgage lender (for example Magellan Homeloans) adopt to categorise someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
As contractor looking for a mortgage with Magellan Homeloans 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.
Going through the contractor mortgage process to move to a buy to let with a new lender. 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 saying my contract will definitely get extended and when new end date will be. Any thoughts?
I am finding the process of trying to obtain a contractor mortgage extremely frustrating. I can't seem to find any 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.
The above information is in relation to properties in England and Wales.
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