Aldermore Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Aldermore Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Aldermore Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have retained a mortgage adviser regarding my remortgage because I am on a fixed term contract of four years (a finacial contractor). My contract started date earlier this year. I am looking for a three year fixed rate mortgage. Property value 165K, I want to borrow 132K. I bought the property three years ago for 138K and I currently owe 165k to Aldermore Bank
What is the situation with contractor mortgages and Aldermore Bank? I am a contractor but my hubby has a permanent job. Will Aldermore Bank take my salary should we make a joint application?
What criteria does a mortgage lender (for example Aldermore Bank) adopt to categorise someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
I understand that for some mortgage companies ‘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. I am particularly interested in a mortgage deal with Aldermore Bank
My research online indicates that mortgage lenders in the main consider contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as Aldermore Bank to offer funds on the more realistic basis of my contracted rate.
The content set out above covers to properties in England and Wales.
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