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 have been dealing with an IFA regarding my remortgage because I am on a fixed term contract of 3 years (on a grad scheme). My contract started date earlier this year. I am seeking a five year fixed rate deal. Property worth £200,000, I want to borrow £150,000. I bought the property 3 years ago for £220,500 and I currently owe 115k to MPowered Mortgages
Do any sections of the CML Lender's Handbook set out 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 looking for a contractor mortgage very frustrating. There doesn't seem to be many lenders who really understand my situation and the challenges faced being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
Could a contractor mortgage with MPowered Mortgages be a better option for me than a standard MPowered Mortgages mortgage ?
The content set out above is in relation to properties in England and Wales.
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