Bluestone Mortgages Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Bluestone Mortgages offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Bluestone Mortgages 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 an IFA concerning my remortgage because I have just won a fixed term contract of 3 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 looking for a five year fixed rate deal. Property worth 165K, I want to borrow £150,000. I bought the property four years ago for 138K and I currently owe 120K to Bluestone Mortgages
What is the situation with contractor mortgages and Bluestone Mortgages? I am a contractor but my hubby has a permanent job. Will Bluestone Mortgages take my salary should we make an application in both our names?
What criteria does a mortgage lender (for example Bluestone Mortgages) use to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
As contractor looking for a mortgage with Bluestone Mortgages 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.
My research online suggests that mortgage lenders mostly view contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a contractor-focused IFAs remove the hassle by maximising 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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