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 seeking some mortgage advice. I am currently on a grad scheme, 18 months into a two contract. However, I'm unlikely to be moved onto a permanent contract until around June time. My query is, will Intelligent Finance even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I have retained a broker concerning my remortgage because I have just won a fixed term contract of two years (on a grad scheme). My contract begin date last year. I am looking for a 5 year fixed rate deal. Property worth £325k, I want to borrow £150,000. I bought the property three years ago for £220,500 and I currently owe 115k to Intelligent Finance
What criteria does a mortgage lender (for example Intelligent Finance) use to class someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
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 paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as Intelligent Finance to offer funds on the more realistic basis of my contracted rate.
I don't know if Intelligent Finance grant contractor mortgages but if they do how does a Intelligent Finance contractor mortgage differ from a traditional home loan?
The content set out above covers to properties in England and Wales.
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