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 am seeking some mortgage advice. I am currently on a grad scheme, One year into a three year contract. the chances of me being moved onto an employed basis are slim. So I suppose my question is, will ModaMortgages even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I am finding the process of trying to obtain a contractor mortgage extremely 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.
As a contractor (freelance journalist) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do ModaMortgages even grant mortgages to contactors ?
My research online indicates that banks and building societies in the main consider 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 reflect an accurate picture of my income potential. Will a broker specialising in contractor mortgages utilise bespoke underwriting with lenders such as ModaMortgages.
Could a contractor mortgage with ModaMortgages be a better option for me than a traditional ModaMortgages mortgage ?
The content set out above is in relation to properties in England and Wales.
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