MPowered Mortgages Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether MPowered Mortgages offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about MPowered Mortgages 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 75k contractor mortgage with a lender such as MPowered Mortgages?
Does the CML Lender's Handbook stipulate the requirements for MPowered Mortgages when it comes to contractor mortgages or self-employed mortgages.
As contractor looking for a mortgage with MPowered Mortgages 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 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.
My research online suggests that mortgage lenders mostly view contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as a finacial 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 MPowered Mortgages.
The above information is in relation to properties in England and Wales.
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