MPowered Mortgages Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether MPowered Mortgages offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about MPowered Mortgages and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am a freelance contractor. Mortgage options are being looked at but its problematic. I have considered is whether I could get a letter from my company confirming I will be moved onto a permanent contract before the end of my set term? Would this assist my cause when applying for a mortgage with lend
What criteria does a mortgage lender (for example MPowered Mortgages) use to class someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
I'm a finacial contractor, according to my accounts, my average net profit and director's salary is £55,731. I am looking to purchase a house in loc. What are the chances of being able to borrow 195k by way of a contractor mortgage with Englefield Green
I am lead to believe that banks and building societies generally view contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as MPowered Mortgages to offer funds on the more realistic basis of my contracted rate.
I have no idea if MPowered Mortgages grant contractor mortgages but in the event that they do how does a MPowered Mortgages contractor mortgage differ from a standard mortgage?
The above information is in relation to properties in England and Wales.
Find out how to order your redemption statement request from MPowered Mortgages