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 a self employed contractor. Mortgage options are being looked at but its problematic. I have considered is whether I could get a letter from my company clarifying that I will be moved onto a permanent contract prior to the expiry of my set term? Would this help in applying for a mortgage with lend
As contractor looking for a mortgage with Paragon Residential 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.
in the throws of proceeding through the contractor mortgage process to move to a buy to let with a new mortgage company. All documents done and submitted. Received a call from the lender to say they can't move ahead with process unless my current manager writes me a letter confirming that my contract will definitely get extended and when new end date will be. Any advice?
How can I make myself more attractive to a lender such as Paragon Residential when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
I am lead to believe that banks and building societies generally consider 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 reflect an accurate picture of my income potential. Will a contractor-focused mortgage broker utilise bespoke underwriting with lenders such as Paragon Residential.
The content set out above is in relation to properties in England and Wales.
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