Paratus Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Paratus offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Paratus 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 an IFA regarding my remortgage because I have just won a fixed term contract of four years (on a grad scheme). My contract begin date earlier this year. I am seeking a three year fixed rate mortgage. Property worth £325k, I want to borrow 132K. I purchased the property four years ago for £157,000 and I currently owe 165k to Paratus
Do any sections of the CML Lender's Handbook stipulate the requirements for Paratus when it comes to contractor mortgages or self-employed mortgages.
As contractor looking for a mortgage with Paratus 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.
Me and and my wife are soon to submit for our first mortgage application with Paratus. Later this year I start working as a contractor. My wife is time employed as a lawyer and does have a meaningful salary. Is it going to be a case of just getting a non-contractor mortgage with Paratus in my wife’s sole name?
I am lead to believe that banks and building societies in the main view contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as a media contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused mortgage broker utilise bespoke underwriting with lenders such as Paratus.
The above information is in relation to properties in England and Wales.
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