Lloyds Contractor Mortgages - Help and FAQs

I have been dealing with a mortgage adviser regarding my remortgage because I am on a fixed term contract of two years (a finacial contractor). My contract started date this year. I am seeking a 5 year fixed rate deal. Property worth £200,000, I want to borrow £150,000. I purchased the property 3 years ago for 138K and I currently owe 115k to Lloyds

I am an IT contractor looking to buy a home in Nottingham. My next step is to secure a mortgage preferably with 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.

I’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 95k contractor mortgage with a lender such as Lloyds?

I am finding the process of looking for a contractor mortgage very frustrating. I can't seem to find any lenders who really understand my situation and the peculiarities of being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.

My research online suggests that banks and building societies in the main view contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to paint 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.