Progressive BS Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Progressive BS offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Progressive BS and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have retained an IFA concerning my remortgage because I have just won a fixed term contract of two years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract begin date earlier this year. I am seeking a 5 year fixed rate deal. Property value £325k, I want to borrow £150,000. I purchased the property three years ago for 138K and I currently owe 120K to Progressive BS
I’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 95k contractor mortgage with a lender such as Progressive BS?
What criteria does a mortgage lender (for example Progressive BS) use to class someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
Myself and my husband are currently about to apply for a mortgage with Progressive BS. Next month I commence working as a contractor. My husband is full time employed and so does have a six figure income. Is it going to be a case of just getting a non-contractor mortgage with Progressive BS in my husband’s sole name?
Could a contractor mortgage with Progressive BS be a better option for me than a standard Progressive BS mortgage ?
The above information is in relation to properties in England and Wales.
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