New Street Mortgages Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether New Street Mortgages offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about New Street Mortgages 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 have just won a fixed term contract of four years (an engineering contractor). My contract begin date last year. I am looking for a 5 year fixed rate mortgage. Property value £200,000, I want to borrow £150,000. I purchased the property 3 years ago for £157,000 and I currently owe 165k to New Street Mortgages
I am a finacial contractor looking to buy a home in London. My next step is to secure a mortgage preferably from New Street Mortgages. Should I contact New Street Mortgages directly or seek the assistance of a contractor specialist mortgage broker who focuses on dealing with contractors and New Street Mortgages.
Do any sections of the CML Lender's Handbook set out the requirements for New Street Mortgages when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example New Street Mortgages) use to class a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
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 IT contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a contractor-focused IFAs remove the hassle by maximising use of the expertise and contacts they have established.
The above information covers to properties in England and Wales.
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