Bank of Scotland Private Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Bank of Scotland Private offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Bank of Scotland Private and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am seeking some mortgage advice. I am currently a media contractor, 12 months into a 2 contract. the chances of me being moved onto a permanent contract are slim. So I suppose my question is, will Bank of Scotland Private even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I have been dealing with a broker regarding my remortgage because I am on a fixed term contract of four years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract started date last year. I am seeking a three year fixed rate mortgage. Property value £200,000, I want to borrow £150,000. I bought the property 3 years ago for £220,500 and I currently owe 120K to Bank of Scotland Private
What is the situation with contractor mortgages and Bank of Scotland Private? I am a contractor but my partner has a permanent job. Will Bank of Scotland Private take my salary if we make a joint application?
I am finding the process of looking for a contractor mortgage extremely frustrating. I can't seem to find any lenders who really understand my situation and the challenges faced being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
I am lead to believe that mortgage lenders generally view contractors as high risk applicants; so require 3 years’ accounts to validate 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 mortgage broker persuade lenders such as Bank of Scotland Private to offer funds on the more realistic basis of my contracted rate.
The above information is in relation to properties in England and Wales.
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