ModaMortgages Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether ModaMortgages offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about ModaMortgages and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 95k contractor mortgage with a lender such as ModaMortgages?
Does the CML Lender's Handbook stipulate the requirements for ModaMortgages when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example ModaMortgages) use to categorise someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
How can I make myself more attractive to a lender such as ModaMortgages when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
I am lead to believe that banks and building societies in the main view contractors as high risk applicants; so require 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 mortgage broker utilise bespoke underwriting with lenders such as ModaMortgages.
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