Principality Building Society Contractor Mortgages - Help and FAQs

I am seeking some mortgage advice. I am currently on a grad scheme, 18 months into a 2 contract. However, I'm unlikely to be moved onto a permanent contract until around June time. So I suppose my question is, will Principality Building Society even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?

What criteria does a mortgage lender (for example Principality Building Society) use to categorise someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?

Myself and my husband are currently about to apply for a mortgage with Principality Building Society. Next month I commence working as a contractor. My husband is full time employed and so does have a six figure salary. Is it going to be a case of just getting a non-contractor mortgage with Principality Building Society in my husband’s name alone?

I am finding the process of looking for a contractor mortgage extremely 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.

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 validate 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 persuade lenders such as Principality Building Society to offer funds on the more realistic basis of my contracted rate.