Platform Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Platform offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Platform 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 a broker concerning my remortgage because I have just won a fixed term contract of four years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract started date last year. I am seeking a three year fixed rate deal. Property value £200,000, I want to borrow £150,000. I bought the property 3 years ago for 138K and I currently owe 165k to Platform
What is current approach to contractor mortgages and Platform? I am a contractor but my partner has a permanent job. Will Platform take my salary should we make an application in both our names?
What criteria does a mortgage lender (for example Platform) use to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
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 challenges faced 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 Platform even grant mortgages to contactors ?
The content set out above is in relation to properties in England and Wales.
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