Bank of Ireland Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Bank of Ireland offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Bank of Ireland and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
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 75k contractor mortgage with a lender such as Bank of Ireland?
What criteria does a mortgage lender (for example Bank of Ireland) adopt to class a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
Me and and my wife are soon to submit for our first mortgage application with Bank of Ireland. Later this year I start working as a contractor. My wife is time employed as an accountant and does have a six figure income. Is it going to be a case of just getting a non-contractor mortgage with Bank of Ireland in my wife’s name only?
Is it true that as contractor I would need a huge deposit up to as much as 50 per cent to qualify for a mortgage with Bank of Ireland.
I am lead to believe that banks and building societies mostly consider contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused mortgage broker remove the hassle by making use of the expertise and contacts they have established.
The above information is in relation to properties in England and Wales.
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