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.
For some years now I have been a self employed contractor. Mortgage options are being looked at but it's a minefield. Is it worth me considering whether it would be possible for my boyfriend to get the mortgage with Magellan Homeloans in his name using our joint deposit and for me to be added at a later date?
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?
Notwithstanding that I am a contractor (freelance journalist) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do Magellan Homeloans even grant mortgages to contactors ?
My research online suggests that banks and building societies mostly view contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by making use of the expertise and contacts they have built up.
Could a contractor mortgage with Magellan Homeloans be a better option for me than a traditional Magellan Homeloans mortgage ?
The content set out above covers to properties in England and Wales.
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