RBS - Direct Line Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether RBS - Direct Line offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about RBS - Direct Line 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 a mortgage adviser regarding my remortgage because I have just won a fixed term contract of 3 years (a media contractor). My contract started date earlier this year. I am seeking a five year fixed rate deal. Property worth £325k, I want to borrow 132K. I purchased the property 3 years ago for £157,000 and I currently owe 120K to RBS - Direct Line
I am a freelance contractor. Mortgage options are being looked at but its tricky. I have considered is whether I could get a letter from my company clarifying that I will be moved onto a permanent contract prior to the expiry of my set term? Would this assist in applying for a mortgage with lend
What criteria does a mortgage lender (for example RBS - Direct Line) use to class someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
As a contractor (IT consultant) is it necessary for me to supply at least six months of both business and personal bank statements as part of the vetting process for RBS - Direct Line.I am not convinced that my broker is correct.
My research online indicates that banks and building societies generally view contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as RBS - Direct Line to offer funds on the more realistic basis of my contracted rate.
The content set out above covers to properties in England and Wales.
Find out how to order your redemption statement request from RBS - Direct Line