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 95k contractor mortgage with a lender such as Scottish Building Society?
Do any sections of the CML Lender's Handbook set out the requirements for Scottish Building Society when it comes to contractor mortgages or self-employed mortgages.
I am finding the process of trying to obtain a contractor mortgage extremely frustrating. I can't seem to find any lenders who really understand my situation and the peculiarities of being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
Is it true that as contractor I would need a huge deposit up to as much as 50 per cent to qualify for a mortgage with Scottish Building Society.
My research online indicates that banks and building societies in the main consider 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 IFAs remove the hassle by making use of the expertise and contacts they have established.
The content set out above covers to properties in England and Wales.
Find out how to order your redemption statement request from Scottish Building Society