Capital Home Loans Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Capital Home Loans offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Capital Home Loans and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am looking for some mortgage advice. I am currently on a grad scheme, 18 months into a three year contract. However, I'm unlikely to be moved onto a permanent contract until around December time. My question is, will Capital Home Loans even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I have retained an IFA regarding my remortgage because I have just won a fixed term contract of four years (on a grad scheme). My contract started date this year. I am looking for a 5 year fixed rate deal. Property worth 165K, I want to borrow 132K. I purchased the property 3 years ago for £157,000 and I currently owe 120K to Capital Home Loans
As contractor looking for a mortgage with Capital Home Loans 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.
Me and and my wife are soon to submit for our first mortgage application with Capital Home Loans. Later this year I start working as a contractor. My wife is time employed as a lawyer and does have a meaningful salary. Is it going to be a case of just getting a non-contractor mortgage with Capital Home Loans in my wife’s sole name?
I am lead to believe that mortgage lenders in the main view contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a broker specialising in contractor mortgages utilise bespoke underwriting with lenders such as Capital Home Loans.
The content set out above covers to properties in England and Wales.
Find out how to order your redemption statement request from Capital Home Loans