Reliance Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Reliance Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Reliance Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am looking for some mortgage advice. I am currently an IT contractor, 18 months into a three year contract. the chances of me being moved onto a permanent contract are slim. My question is, will Reliance Bank even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I have retained an IFA regarding my remortgage because I have just won 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 this year. I am looking for a five year fixed rate mortgage. Property value 165K, I want to borrow 132K. I purchased the property three years ago for £220,500 and I currently owe 120K to Reliance Bank
What is the situation with contractor mortgages and Reliance Bank? I am a contractor but my husband has a permanent job. Will Reliance Bank take my salary if we make a joint application?
Does the CML Lender's Handbook set out the requirements for Reliance Bank when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example Reliance Bank) 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 business?
The content set out above is in relation to properties in England and Wales.
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