Paragon Mortgages Ltd Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Paragon Mortgages Ltd offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Paragon Mortgages Ltd and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am a media contractor looking to buy a home in Nottingham. My next step is to secure a mortgage ideally from Paragon Mortgages Ltd. Should I contact Paragon Mortgages Ltd directly or seek the help of a contractor specialist mortgage broker who is used to dealing with contractors and Paragon Mortgages Ltd.
Do any sections of the CML Lender's Handbook set out the requirements for Paragon Mortgages Ltd when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example Paragon Mortgages Ltd) adopt to class a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
Myself and my fiance are currently about to apply for our first mortgage with Paragon Mortgages Ltd. However, after studying, I've just this month started working as a contractor, although I'm yet to register etc with HMRC. My fiance is full time employed by the NHS as a doctor, and so does have a good salaryfor us to put forward. I was hoping to get some advice on how my contractor status will affect us getting an application approved please?
I am lead to believe that banks and building societies mostly consider 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 mortgage broker remove the hassle by maximising use of the expertise and contacts they have established.
The above information covers to properties in England and Wales.
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