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 retained an IFA regarding my remortgage because I am on a fixed term contract of two years (an engineering contractor). My contract begin date earlier this year. I am looking for a three year fixed rate mortgage. Property value 165K, I want to borrow 132K. I purchased the property 3 years ago for £157,000 and I currently owe 120K to Precise Mortgages
Myself and my fiance are currently about to apply for our first mortgage with Precise Mortgages. However, after studying, I've just this month started working as a contractor, although I'm yet to register etc with HMRC. My fiance is full time employed as an accountant, and so does have a good incomefor us to put forward. I was hoping to get some advice on how my contractor status will affect us getting an application approved please?
I am finding the process of trying to obtain a contractor mortgage extremely frustrating. I can't seem to find any lenders who really understand my situation and the challenges faced being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
How can I make myself more attractive to a lender such as Precise Mortgages 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 mortgage lenders generally consider contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs utilise bespoke underwriting with lenders such as Precise Mortgages.
The content set out above covers to properties in England and Wales.
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