Intelligent Finance Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Intelligent Finance offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Intelligent Finance 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 four years (on a grad scheme). My contract started date earlier this year. I am looking for a three year fixed rate deal. Property worth £200,000, I want to borrow £150,000. I bought the property 3 years ago for 138K and I currently owe 115k to Intelligent Finance
Does the CML Lender's Handbook set out the requirements for Intelligent Finance when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example Intelligent Finance) adopt to class someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
How can I make myself more attractive to a lender such as Intelligent Finance when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
I am lead to believe that mortgage lenders mostly 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 contractor-focused IFAs remove the hassle by maximising use of the expertise and contacts they have established.
The content set out above covers to properties in England and Wales.
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