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 an IT contractor looking to buy a home in Nottingham. My next step is to secure a mortgage preferably from MPowered Mortgages. Should I contact MPowered Mortgages directly or seek the services of a contractor specialist mortgage broker who focuses on dealing with contractors and MPowered Mortgages.
What criteria does a mortgage lender (for example MPowered Mortgages) adopt to class a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
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.
How can I make myself more attractive to a lender such as MPowered Mortgages when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
Even though I am a contractor (freelance journalist) do I really need to produce at least six months of both business and personal bank statements as part of the vetting process for MPowered Mortgages.I am not convinced that my broker is correct.
The content set out above covers to properties in England and Wales.
Find out how to order your redemption statement request from MPowered Mortgages