Co operative Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Co operative Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Co operative Bank 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 a mortgage adviser concerning my remortgage because I have just won a fixed term contract of 3 years (an engineering contractor). My contract started date this year. I am looking for a three year fixed rate deal. Property value 165K, I want to borrow 132K. I bought the property three years ago for £220,500 and I currently owe 165k to Co operative Bank
What criteria does a mortgage lender (for example Co operative Bank) adopt to class 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 Co operative 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.
Myself and my fiance are currently about to apply for our first mortgage with Co operative Bank. However, after studying, I've just this month started working as a contractor, although I'm yet to register etc with HMRC. My fiance is full time employed as a lawyer, and so does have a healthy salaryfor us to put forward. I was hoping to get some advice on how my contractor status will affect us getting an application approved please?
As a contractor (HR consultant) do I really need to produce at least six months of both business and personal bank statements as part of the vetting process for Co operative Bank.I am not convinced that my broker is correct.
The above information is in relation to properties in England and Wales.
Find out how to order your redemption statement request from Co operative Bank