Molo Finance Buy to Let Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Molo Finance Buy to Let offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Molo Finance Buy to Let and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am Oil & Gas contractor looking to buy a home in London. My next step is to secure a mortgage ideally with Molo Finance Buy to Let. Would it be wise to contact Molo Finance Buy to Let directly or seek the assistance of a contractor specialist mortgage broker who is used to dealing with contractors and Molo Finance Buy to Let.
What criteria does a mortgage lender (for example Molo Finance Buy to Let) adopt to categorise someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
Going through the contractor mortgage process to move to a buy to let with a new lender. All documents done and sent. Received a call from the lender to say they can't move forward with application unless my current manager writes me a letter saying my contract will definitely get extended and when new end date will be. Any thoughts?
How can I make myself more attractive to a lender such as Molo Finance Buy to Let when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
My research online indicates that banks and building societies mostly consider contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as Molo Finance Buy to Let to offer funds on the more realistic basis of my contracted rate.
The content set out above is in relation to properties in England and Wales.
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