The Mortgage Business Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether The Mortgage Business offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about The Mortgage Business 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 125k contractor mortgage with a lender such as The Mortgage Business?
What criteria does a mortgage lender (for example The Mortgage Business) adopt to categorise a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
As contractor looking for a mortgage with The Mortgage Business 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.
in the throws of proceeding through the contractor mortgage process to move to a buy to let with a new mortgage company. All documents done and submitted. Received a call from the lender to say they can't move ahead with application unless my current manager issues a letter confirming that my contract will definitely get extended and when new end date will be. Any thoughts?
Were I to advise The Mortgage Business that I’m contracting, are they likely to charge me a higher rate on my mortgage?
The content set out above covers to properties in England and Wales.
Find out how to order your redemption statement request from The Mortgage Business