First Direct Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether First Direct offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about First Direct and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have been dealing with an IFA concerning my remortgage because I have just won a fixed term contract of two years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract begin date this year. I am looking for a 5 year fixed rate mortgage. Property worth £200,000, I want to borrow £150,000. I purchased the property three years ago for 138K and I currently owe 120K to First Direct
I am a self employed contractor. Mortgage options are being looked at but its tricky. I have considered is whether I could get a letter from my company confirming I will be moved onto a permanent contract before the end of my set term? Would this help in applying for a mortgage with lend
in the throws of proceeding through the contractor mortgage process to move to a buy to let with a new lender. All paperwork completed and sent. Received a call from the lender to say they can't move ahead with process unless my current manager issues a letter saying my contract will definitely be prolonged and when new end date will be. Any advice?
I understand that for some banks ‘contractors’ can be a red flag to their lending decision. Are there any lenders that take the same approach to mortgages for contractors as they do for standard home loan applications. In particular I have my eye on a mortgage deal with First Direct
Even though I am a contractor (in the Oil & Gas industry) is it necessary for me to produce at least six months of both business and personal bank statements as part of the vetting process for First Direct.I am not convinced that my broker is correct.
The above information covers to properties in England and Wales.
Find out how to order your redemption statement request from First Direct