Platform Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Platform offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Platform and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have retained a mortgage adviser concerning my remortgage because I have just won a fixed term contract of 3 years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract begin date earlier this year. I am seeking a five year fixed rate mortgage. Property worth £200,000, I want to borrow 132K. I purchased the property three years ago for £157,000 and I currently owe 165k to Platform
I’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 125k contractor mortgage with a lender such as Platform?
Does the CML Lender's Handbook stipulate the requirements for Platform when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example Platform) adopt to class someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
Could a contractor mortgage with Platform be a better option for me than a standard Platform mortgage ?
The above information is in relation to properties in England and Wales.
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