Nedbank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Nedbank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Nedbank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am an IT contractor looking to buy a home in London. My next step is to secure a mortgage ideally from Nedbank. Should I contact Nedbank directly or seek the assistance of a contractor specialist mortgage broker who focuses on dealing with contractors and Nedbank.
I’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 75k contractor mortgage with a lender such as Nedbank?
As contractor looking for a mortgage with Nedbank 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.
As a contractor (freelance journalist) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do Nedbank even grant mortgages to contactors ?
I am lead to believe that banks and building societies mostly 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 reflect an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as Nedbank 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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