Scottish Building Society Contractor Mortgages - Help and FAQs

I am looking for some mortgage advice. I am currently a finacial contractor, One year into a two contract. However, I'm unlikely to be moved onto a permanent contract until around May time. My question is, will Scottish 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 Scottish Building Society) use to class a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?

My wife and I are soon to submit for our first mortgage application with Scottish Building Society. Later this year I start working as a contractor. My wife is time employed as a lawyer and does have a healthy salary. Is it going to be a case of just getting a non-contractor mortgage with Scottish Building Society in my wife’s name alone?

I understand that for some mortgage companies ‘contractors’ can be a red flag to their lending decision. Are there any lenders that take the same approach to mortgages for contractors as they do for standard home loan applications. In particular I have my eye on a mortgage deal with Scottish Building Society

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 an engineering contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as Scottish Building Society to offer funds on the more realistic basis of my contracted rate.