The Mortgage Lender Contractor Mortgages - Help and FAQs

I am seeking some mortgage advice. I am currently on a grad scheme, One year into a two contract. However, I'm unlikely to be moved onto a permanent contract until around June time. So I suppose my query is, will The Mortgage Lender even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?

I have retained an IFA 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 three year fixed rate deal. Property worth £325k, I want to borrow £150,000. I bought the property three years ago for £157,000 and I currently owe 120K to The Mortgage Lender

As contractor looking for a mortgage with The Mortgage Lender 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 understand that for some banks ‘contractors’ can be a red flag to their lending decision. Are there any lenders that take the same approach to mortgages for contractors as they do for standard home loan applications. In particular I have my eye on a mortgage deal with The Mortgage Lender

I am lead to believe that mortgage lenders in the main view contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by making use of the expertise and contacts they have built up.