Principality Building Society Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Principality Building Society offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Principality Building Society and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
For some years now I have been a self employed contractor. Mortgage options are being looked at but it's problematic. Is it worth me considering whether it would be possible for my boyfriend to get the mortgage with Principality Building Society in his name using our joint deposit and for me to be added at a later date?
I am an engineering contractor looking to buy a home in Bedford. My next step is to secure a mortgage preferably with Principality Building Society. Am I best advised to contact Principality Building Society directly or seek the help of a contractor specialist mortgage broker who is used to dealing with contractors and Principality Building Society.
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 Principality Building Society?
What criteria does a mortgage lender (for example Principality Building Society) use to class someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
My research online suggests that banks and building societies 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 paint an accurate picture of my income potential. Will a contractor-focused mortgage broker utilise bespoke underwriting with lenders such as Principality Building Society.
The content set out above is in relation to properties in England and Wales.