Paragon Residential Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Paragon Residential offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Paragon Residential 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 engineering contractor, 12 months into a 2 contract. the chances of me being moved onto a permanent contract are slim. So I suppose my question is, will Paragon Residential even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I have retained a mortgage adviser regarding my remortgage because I have just won a fixed term contract of four years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract begin date last year. I am looking for a 5 year fixed rate mortgage. Property worth £200,000, I want to borrow 132K. I bought the property four years ago for £220,500 and I currently owe 115k to Paragon Residential
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 Paragon Residential
Is it true that Paragon Residential quote higher interest rates in respect of mortgages for contractors?
My research online suggests that mortgage lenders in the main view contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as a media contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by maximising use of the expertise and contacts they have built up.
The above information covers to properties in England and Wales.
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