Landbay Partners Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Landbay Partners offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Landbay Partners 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 a finacial contractor, One year into a two contract. the chances of me being moved onto a permanent contract are slim. My question is, will Landbay Partners even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I have been dealing with an IFA regarding my remortgage because I am on a fixed term contract of 3 years (an engineering contractor). My contract started date this year. I am looking for a 5 year fixed rate mortgage. Property value £325k, I want to borrow £150,000. I bought the property 3 years ago for 138K and I currently owe 165k to Landbay Partners
What criteria does a mortgage lender (for example Landbay Partners) use 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 lead to believe that mortgage lenders mostly consider 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 contractor-focused IFAs utilise bespoke underwriting with lenders such as Landbay Partners.
Could a contractor mortgage with Landbay Partners be a better option for me than a traditional Landbay Partners mortgage ?
The content set out above covers to properties in England and Wales.
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