Birmingham Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Birmingham Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Birmingham Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am a finacial contractor looking to buy a home in Bedford. My next step is to secure a mortgage preferably from Birmingham Bank. Am I best advised to contact Birmingham Bank directly or seek the assistance of a contractor specialist mortgage broker who focuses on dealing with contractors and Birmingham Bank.
As contractor looking for a mortgage with Birmingham Bank 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.
How can I make myself more attractive to a lender such as Birmingham Bank when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
Is it correct that Birmingham Bank quote higher interest rates when it comes to mortgages for contractors?
I am lead to believe 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 a media contractor, this evidence is unlikely to reflect 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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