National Counties Building Society Contractor Mortgages - Help and FAQs

I have been dealing with an IFA regarding my remortgage because I am on a fixed term contract of two years (an engineering contractor). My contract started date earlier this year. I am looking for a three year fixed rate mortgage. Property value 165K, I want to borrow £150,000. I purchased the property four years ago for £220,500 and I currently owe 165k to National Counties Building Society

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 National Counties Building Society?

What criteria does a mortgage lender (for example National Counties Building Society) use 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 National Counties Building Society 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.

My research online suggests that banks and building societies in the main consider contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as National Counties Building Society to offer funds on the more realistic basis of my contracted rate.