Hampden Contractor Mortgages - Help and FAQs

I am looking for some mortgage advice. I am currently a finacial contractor, 12 months into a two contract. the chances of me being moved onto an employed basis are slim. So I suppose my question is, will Hampden even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?

My wife and I are soon to submit for our first mortgage application with Hampden. Later this year I start working as a contractor. My wife is time employed as a lawyer and does have a meaningful income. Is it going to be a case of just getting a non-contractor mortgage with Hampden in my wife’s name alone?

I am finding the process of trying to obtain a contractor mortgage extremely frustrating. I can't seem to find any 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.

Is it true that as contractor I would need a significant deposit up to as much as 50 per cent to qualify for a mortgage with Hampden.

I am lead to believe that mortgage lenders in the main view 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 reflect an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by maximising use of the expertise and contacts they have established.