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 am looking for some mortgage advice. I am currently on a grad scheme, One year into a 2 contract. the chances of me being moved onto an employed basis are slim. My query is, will Intelligent Finance even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
Do any sections of the CML Lender's Handbook stipulate 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 categorise someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
I am finding the process of looking for a contractor mortgage very frustrating. There doesn't seem to be many lenders who really understand my situation and the challenges faced being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
I am lead to believe that banks and building societies mostly view contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused mortgage broker persuade lenders such as Intelligent Finance 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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