National Westminster Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether National Westminster Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about National Westminster Bank 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 a mortgage adviser concerning my remortgage because I am on a fixed term contract of four years (an engineering contractor). My contract started date last year. I am seeking a three year fixed rate mortgage. Property value 165K, I want to borrow £150,000. I bought the property 3 years ago for £220,500 and I currently owe 115k to National Westminster Bank
As contractor looking for a mortgage with National Westminster Bank 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.
As a contractor (in the Oil & Gas industry) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do National Westminster Bank even grant mortgages to contactors ?
Were I to tell National Westminster Bank that I’m contracting, are they likely to charge me a higher rate on my home loan?
I am lead to believe that banks and building societies mostly consider contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as National Westminster Bank to offer funds on the more realistic basis of my contracted rate.
The content set out above is in relation to properties in England and Wales.
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