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’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 RBS - Direct Line?
Does the CML Lender's Handbook stipulate the requirements for RBS - Direct Line when it comes to contractor mortgages or self-employed mortgages.
As contractor looking for a mortgage with RBS - Direct Line will they want to assess my experience, my history of contracting, the length of my current contract and the likelihood of it being renewed? If so I will start to get the paperwork together.
Even though I am a contractor (freelance journalist) do I really need 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.
I am lead to believe that mortgage lenders in the main view contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by making use of the expertise and contacts they have built up.
The above information is in relation to properties in England and Wales.
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