Bank of Scotland Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Bank of Scotland offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Bank of Scotland and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am looking for some mortgage advice. I am currently an IT contractor, One year into a 2 contract. the chances of me being moved onto a permanent contract are slim. So I suppose my query is, will Bank of Scotland even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
What is the situation with contractor mortgages and Bank of Scotland? I am a contractor but my OH has a permanent job. Will Bank of Scotland take my salary if we make an application in both our names?
I am finding the process of looking for a contractor mortgage extremely 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.
I understand that for some mortgage companies ‘contractors’ can be a red flag to their lending decision. Are there any lenders that take the same approach to mortgages for contractors as they do for standard home loan applications. I am particularly interested in a mortgage deal with Bank of Scotland
My research online indicates that banks and building societies mostly view contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as Bank of Scotland to offer funds on the more realistic basis of my contracted rate.
The above information covers to properties in England and Wales.
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