Barclays plc Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Barclays plc offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Barclays plc and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am Oil & Gas contractor looking to buy a home in Bedford. My next step is to secure a mortgage ideally from Barclays plc. Would it be wise to contact Barclays plc directly or seek the assistance of a contractor specialist mortgage broker who focuses on dealing with contractors and Barclays plc.
What criteria does a mortgage lender (for example Barclays plc) use to categorise someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
As contractor looking for a mortgage with Barclays plc will they want to assess my experience, my history of contracting, the length of my current contract and the likelihood of it being renewed? If so I will start to get the paperwork together.
Going through the contractor mortgage process to move to a buy to let with a new bank. All paperwork completed and submitted. Received communication from the lender to say they can't move forward with application unless my current manager writes me a letter confirming that my contract will definitely be prolonged and when new end date will be. Any thoughts?
My research online suggests that mortgage lenders generally consider 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 paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by making use of the expertise and contacts they have built up.
The content set out above is in relation to properties in England and Wales.
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