Paragon Residential Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Paragon Residential offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Paragon Residential and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am seeking some mortgage advice. I am currently on a grad scheme, 18 months into a 2 contract. the chances of me being moved onto an employed basis are slim. So I suppose my question is, will Paragon Residential even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I am a self employed contractor. Mortgage options are being looked at but its tricky. I have considered is whether I could get a letter from my company confirming I will be moved onto a permanent contract before the expiry of my set term? Would this assist in applying for a mortgage with lend
in the throws of proceeding through the contractor mortgage process to move to a buy to let with a new bank. All paperwork completed and submitted. Received a call from the lender to say they can't move forward with application unless my current manager writes me a letter saying my contract will definitely be prolonged and when new end date will be. Any advice?
I am finding the process of looking for a contractor mortgage very frustrating. I can't seem to find any 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.
My research online indicates that banks and building societies generally consider contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused IFAs utilise bespoke underwriting with lenders such as Paragon Residential.
The above information covers to properties in England and Wales.
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