Mortgage Express (No 2) Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Mortgage Express (No 2) offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Mortgage Express (No 2) and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
For three years now I have been a self employed contractor. Mortgage options are being looked at but it's problematic. Is it worth me considering whether it would be possible for my boyfriend to get the mortgage with Mortgage Express (No 2) in his name using our joint deposit and for me to be added at a later date?
What criteria does a mortgage lender (for example Mortgage Express (No 2)) use to class 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 Mortgage Express (No 2) 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.
Is it correct that Mortgage Express (No 2) quote higher interest rates when it comes to mortgages for contractors?
I am lead to believe that mortgage lenders generally consider contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as a media contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs utilise bespoke underwriting with lenders such as Mortgage Express (No 2).
The content set out above is in relation to properties in England and Wales.
Find out how to order your redemption statement request from Mortgage Express (No 2)