National Westminster Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether National Westminster Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about National Westminster Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
What criteria does a mortgage lender (for example National Westminster Bank) use to class someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
Me and and my wife are soon to submit for our first mortgage application with National Westminster Bank. Later this year I start working as a contractor. My wife is time employed as a surgeon and does have a six figure income. Is it going to be a case of just getting a non-contractor mortgage with National Westminster Bank in my wife’s sole name?
How can I make myself more attractive to a lender such as National Westminster Bank 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 lenders ‘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 National Westminster Bank
My research online suggests that mortgage lenders mostly consider contractors as high risk applicants; so require 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 contractor-focused IFAs utilise bespoke underwriting with lenders such as National Westminster Bank.
The content set out above is in relation to properties in England and Wales.
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