St James Place Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether St James Place offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about St James Place 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 two years (on a grad scheme). My contract started date earlier this year. I am looking for a five year fixed rate mortgage. Property worth 165K, I want to borrow £150,000. I bought the property 3 years ago for £157,000 and I currently owe 165k to St James Place
What criteria does a mortgage lender (for example St James Place) adopt to class someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
As contractor looking for a mortgage with St James Place will they want to assess my experience, my history of contracting, the length of my current contract and the likelihood of it being renewed? If so I will start to get the paperwork together.
I am finding the process of looking for 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.
Is it true that as contractor I would require a huge deposit up to as much as 50 per cent to qualify for a mortgage with St James Place.
The above information covers to properties in England and Wales.
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