Scottish Widows Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Scottish Widows offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Scottish Widows and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have been dealing with a mortgage adviser concerning my remortgage because I have just won a fixed term contract of four years (an IT contractor). My contract started date this year. I am looking for a three year fixed rate deal. Property value £325k, I want to borrow £150,000. I purchased the property four years ago for £157,000 and I currently owe 165k to Scottish Widows
For some years now I have been a self employed contractor. Mortgage options are being looked at but it's problematic. Is it worth me considering whether it would be possible for my boyfriend to get the mortgage with Scottish Widows in his name using our joint deposit and for me to be added at a later date?
Me and and my wife are soon to submit for our first mortgage application with Scottish Widows. Later this year I start working as a contractor. My wife is time employed as a lawyer and does have a meaningful income. Is it going to be a case of just getting a non-contractor mortgage with Scottish Widows in my wife’s sole name?
How can I make myself more attractive to a lender such as Scottish Widows when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
I am lead to believe that banks and building societies mostly consider contractors as high risk applicants; so demand 3 years’ accounts to substantiate 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 Widows to offer funds on the more realistic basis of my contracted rate.
The above information covers to properties in England and Wales.
Find out how to order your redemption statement request from Scottish Widows