The Mortgage Works Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether The Mortgage Works offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about The Mortgage Works 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 IT contractor looking to buy a home in Bedford. My next step is to secure a mortgage preferably with The Mortgage Works. Am I best advised to contact The Mortgage Works directly or seek the assistance of a contractor specialist mortgage broker who is used to dealing with contractors and The Mortgage Works.
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 85k contractor mortgage with a lender such as The Mortgage Works?
What criteria does a mortgage lender (for example The Mortgage Works) use to categorise someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
As contractor looking for a mortgage with The Mortgage Works 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.
Is it correct that that as contractor I would require a significant deposit up to as much as 50 per cent to qualify for a mortgage with The Mortgage Works.
The above information covers to properties in England and Wales.
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