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.
I am looking for some mortgage advice. I am currently a finacial contractor, 12 months into a 2 contract. the chances of me being moved onto an employed basis are slim. My question is, will Foundation Home loans even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
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 Foundation Home loans?
What criteria does a mortgage lender (for example Foundation Home loans) adopt to class someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
in the throws of proceeding through the contractor mortgage process to move to a buy to let with a new bank. All documents done and submitted. Received a call from the lender to say they can't move forward with process unless my current manager issues a letter confirming that my contract will definitely get extended and when new end date will be. Any thoughts?
My research online suggests that mortgage lenders generally 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 paint an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as Foundation Home loans to offer funds on the more realistic basis of my contracted rate.
The content set out above is in relation to properties in England and Wales.
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