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 am finding the process of looking for a contractor mortgage extremely frustrating. I can't seem to find any 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.
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.
As a contractor (HR consultant) is it necessary for me to produce at least six months of both business and personal bank statements as part of the due diligence process for Scottish Widows.I am not convinced that my broker is correct.
My research online indicates that banks and building societies in the main view contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a broker specialising in contractor mortgages utilise bespoke underwriting with lenders such as Scottish Widows.
I have no idea if Scottish Widows grant contractor mortgages but if they do how does a Scottish Widows contractor mortgage differ from a traditional mortgage?
The content set out above is in relation to properties in England and Wales.
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