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 four years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract started date last year. I am seeking a three year fixed rate deal. Property worth £325k, I want to borrow £150,000. I purchased the property 3 years ago for £220,500 and I currently owe 115k to ModaMortgages
What criteria does a mortgage lender (for example ModaMortgages) use to categorise someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
As contractor looking for a mortgage with ModaMortgages 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.
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 by the NHS as a doctor, and so does have a healthy incomefor us to put forward. I was hoping to get some advice on how my contractor status will affect us getting an application approved please?
I am lead to believe that banks and building societies generally view contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by maximising use of the expertise and contacts they have established.
The content set out above covers to properties in England and Wales.
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