Scottish Building Society Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Scottish Building Society offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Scottish Building Society 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 85k contractor mortgage with a lender such as Scottish Building Society?
Going through the contractor mortgage process to move to a buy to let with a new mortgage company. All documents done and submitted. Received communication from the lender to say they can't move ahead with application unless my current manager writes me a letter saying my contract will definitely be prolonged and when new end date will be. Any thoughts?
I am finding the process of trying to obtain a contractor mortgage very 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.
My research online indicates that banks and building societies in the main view contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as a media contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused mortgage broker remove the hassle by maximising use of the expertise and contacts they have built up.
I don't know if Scottish Building Society are in the business of issuing contractor mortgages but if they do how does a Scottish Building Society contractor mortgage differ from a traditional mortgage?
The above information is in relation to properties in England and Wales.
Find out how to order your redemption statement request from Scottish Building Society