Magellan Homeloans Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Magellan Homeloans offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Magellan Homeloans 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 an IT contractor, One year into a 2 contract. the chances of me being moved onto an employed basis are slim. My question is, will Magellan Homeloans even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
What criteria does a mortgage lender (for example Magellan Homeloans) use to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
I am finding the process of looking for a contractor mortgage very 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.
My existing mortgage lender had given us consent to let. My situation changed last year, I started my own company and started working as a contractor. Are you able to recommend a lender who specialises in contractor mortgages?
I am lead to believe that mortgage lenders generally view contractors as high risk applicants; so demand 3 years’ accounts to validate 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 Magellan Homeloans 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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