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 have retained a broker regarding my remortgage because I have just won a fixed term contract of four years (on a grad scheme). My contract started date this year. I am seeking a 5 year fixed rate mortgage. Property value £200,000, I want to borrow £150,000. I purchased the property three years ago for £157,000 and I currently owe 115k to Magellan Homeloans
How can I make myself more attractive to a lender such as Magellan Homeloans when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
I understand that for some banks ‘contractors’ can be a red flag to their lending decision. Are there any lenders that take the same approach to mortgages for contractors as they do for standard home loan applications. In particular I have my eye on a mortgage deal with Magellan Homeloans
Notwithstanding that I am a contractor (freelance journalist) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do Magellan Homeloans even grant mortgages to contactors ?
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 Magellan Homeloans.
The above information is in relation to properties in England and Wales.
Find out how to order your redemption statement request from Magellan Homeloans