Foundation Home loans Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Foundation Home loans offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Foundation Home loans and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
For three years now I have been a self employed contractor. Mortgage options are being looked at but it's problematic. Is it worth me considering whether it would be possible for my boyfriend to get the mortgage with Foundation Home loans in his name using our joint deposit and for me to be added at a later date?
What is current approach to contractor mortgages and Foundation Home loans? I am a contractor but my OH has a permanent job. Will Foundation Home loans take my salary should we make a joint application?
As contractor looking for a mortgage with Foundation 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.
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. I am particularly interested in a mortgage deal with Foundation Home loans
I am lead to believe that banks and building societies in the main consider contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs utilise bespoke underwriting with lenders such as Foundation Home loans.
The content set out above is in relation to properties in England and Wales.
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