Precise Mortgages Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Precise Mortgages offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Precise Mortgages 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 concerning my remortgage because I am on a fixed term contract of two years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract started date last year. I am seeking a three year fixed rate deal. Property value £325k, I want to borrow £150,000. I purchased the property 3 years ago for 138K and I currently owe 115k to Precise Mortgages
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 75k contractor mortgage with a lender such as Precise Mortgages?
What criteria does a mortgage lender (for example Precise Mortgages) adopt to class a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
As contractor looking for a mortgage with Precise Mortgages 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.
Could a contractor mortgage with Precise Mortgages be a better option for me than a standard Precise Mortgages mortgage ?
The above information is in relation to properties in England and Wales.
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