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 am a media contractor looking to buy a home in London. My next step is to secure a mortgage preferably from MPowered Mortgages. Am I best advised to contact MPowered Mortgages directly or seek the assistance of a contractor specialist mortgage broker who focuses on dealing with contractors and MPowered Mortgages.
Does the CML Lender's Handbook set out the requirements for MPowered Mortgages when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example MPowered Mortgages) adopt to categorise someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
Myself and my husband are currently about to apply for a mortgage with MPowered Mortgages. Next month I commence working as a contractor. My husband is full time employed and so does have a healthy income. Is it going to be a case of just getting a non-contractor mortgage with MPowered Mortgages in my husband’s name alone?
I am lead to believe that banks and building societies in the main view contractors as high risk applicants; so demand 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 MPowered Mortgages.
The content set out above covers to properties in England and Wales.
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