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 have been dealing with an IFA concerning my remortgage because I have just won a fixed term contract of two years (a media contractor). My contract started date this year. I am seeking a five year fixed rate deal. Property value £200,000, I want to borrow £150,000. I purchased the property 3 years ago for 138K and I currently owe 120K to 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?
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 The Mortgage Works.
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 media contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as The Mortgage Works to offer funds on the more realistic basis of my contracted rate.
Could a contractor mortgage with The Mortgage Works be a better option for me than a standard The Mortgage Works mortgage ?
The above information covers to properties in England and Wales.
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