Metro Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Metro Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Metro Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have been dealing with an IFA regarding my remortgage because I am on a fixed term contract of four years (a finacial contractor). My contract begin date this year. I am seeking a three year fixed rate mortgage. Property value £200,000, I want to borrow £150,000. I bought the property three years ago for £220,500 and I currently owe 165k to Metro Bank
What criteria does a mortgage lender (for example Metro Bank) use to categorise someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
As contractor looking for a mortgage with Metro Bank will they want to assess my experience, my history of contracting, the length of my current contract and the likelihood of it being renewed? If so I will start to get the paperwork together.
I am well aware that the days of self-certification contractor mortgages are long gone. Are there any lenders that take the same approach to mortgages for contractors as they do for standard home loan applications. I am particularly interested in a mortgage deal with Metro Bank
I am lead to believe that banks and building societies mostly consider 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 paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages utilise bespoke underwriting with lenders such as Metro Bank.
The above information covers to properties in England and Wales.
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