Gen H Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Gen H offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Gen H and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
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 125k contractor mortgage with a lender such as Gen H?
My wife and I are soon to submit for our first mortgage application with Gen H. Later this year I start working as a contractor. My wife is time employed as an accountant and does have a six figure income. Is it going to be a case of just getting a non-contractor mortgage with Gen H in my wife’s name alone?
I am finding the process of trying to obtain a contractor mortgage very frustrating. There doesn't seem to be many 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.
As a contractor (in the Oil & Gas industry) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do Gen H even grant mortgages to contactors ?
My research online indicates that banks and building societies generally view contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as Gen H to offer funds on the more realistic basis of my contracted rate.
The above information covers to properties in England and Wales.
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