ModaMortgages Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether ModaMortgages offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about ModaMortgages and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have been dealing with an IFA regarding my remortgage because I am on a fixed term contract of 3 years (on a grad scheme). My contract begin date earlier this year. I am seeking a three year fixed rate mortgage. Property value 165K, I want to borrow £150,000. I purchased the property 3 years ago for £157,000 and I currently owe 115k to ModaMortgages
Does the CML Lender's Handbook set out the requirements for ModaMortgages when it comes to contractor mortgages or self-employed mortgages.
in the throws of proceeding 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 ahead with process unless my current manager issues a letter confirming that my contract will definitely be prolonged and when new end date will be. Any thoughts?
Myself and my fiance are currently about to apply for our first mortgage with ModaMortgages. However, after studying, I've just this month started working as a contractor, although I'm yet to register etc with HMRC. My fiance is full time employed as an accountant, and so does have a good salaryfor us to put forward. I was hoping to get some advice on how my contractor status will affect us getting an application approved please?
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 ModaMortgages.
The above information is in relation to properties in England and Wales.
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