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 have retained a broker regarding my remortgage because I have just won a fixed term contract of 3 years (a media contractor). My contract started date this year. I am seeking a five year fixed rate deal. Property worth £200,000, I want to borrow 132K. I purchased the property four years ago for 138K and I currently owe 165k to ModaMortgages
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 85k contractor mortgage with a lender such as ModaMortgages?
What criteria does a mortgage lender (for example ModaMortgages) adopt to class someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
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.
If I tell ModaMortgages that I’m contracting, will they charge me a higher rate on my mortgage?
The content set out above is in relation to properties in England and Wales.
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