Lloyds Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Lloyds offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Lloyds and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am an IT contractor looking to buy a home in Nottingham. My next step is to secure a mortgage ideally from Lloyds. Am I best advised to contact Lloyds directly or seek the assistance of a contractor specialist mortgage broker who is used to dealing with contractors and Lloyds.
Does the CML Lender's Handbook set out the requirements for Lloyds when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example Lloyds) adopt to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
As contractor looking for a mortgage with Lloyds 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.
I am lead to believe that banks and building societies 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 contractor-focused mortgage broker persuade lenders such as Lloyds 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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