The Mortgage Lender Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether The Mortgage Lender offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about The Mortgage Lender and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am an engineering contractor looking to buy a home in Bedford. My next step is to secure a mortgage preferably from The Mortgage Lender. Should I contact The Mortgage Lender directly or seek the help of a contractor specialist mortgage broker who is used to dealing with contractors and The Mortgage Lender.
What criteria does a mortgage lender (for example The Mortgage Lender) adopt to class someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
in the throws of proceeding through the contractor mortgage process to move to a buy to let with a new lender. All documents done and sent. Received a call from the lender to say they can't move ahead with process unless my current manager issues a letter confirming that my contract will definitely be prolonged and when new end date will be. Any advice?
Is it correct that The Mortgage Lender quote higher interest rates in respect of mortgages for contractors?
I am lead to believe that mortgage lenders mostly consider contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as The Mortgage Lender to offer funds on the more realistic basis of my contracted rate.
The above information covers to properties in England and Wales.
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