NRAM Ltd Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether NRAM Ltd offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about NRAM Ltd 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 am on a fixed term contract of four years (on a grad scheme). My contract started date earlier this year. I am seeking a three year fixed rate mortgage. Property value £325k, I want to borrow £150,000. I purchased the property three years ago for £157,000 and I currently owe 165k to NRAM Ltd
What is the situation with contractor mortgages and NRAM Ltd? I am a contractor but my partner has a permanent job. Will NRAM Ltd take my salary should we make a joint application?
I am finding the process of looking for a contractor mortgage extremely frustrating. There doesn't seem to be many lenders who really understand my situation and the peculiarities of being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
Notwithstanding that I am a contractor (in the Oil & Gas industry) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do NRAM Ltd even grant mortgages to contactors ?
I am lead to believe that banks and building societies in the main consider contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused mortgage broker persuade lenders such as NRAM Ltd 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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