Rely Mortgages Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Rely Mortgages offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Rely Mortgages and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am seeking some mortgage advice. I am currently on a grad scheme, 12 months into a three year contract. the chances of me being moved onto an employed basis are slim. So I suppose my question is, will Rely Mortgages even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I have retained a broker regarding my remortgage because I am on a fixed term contract of four years (an IT contractor). My contract started date earlier this year. I am seeking a 5 year fixed rate mortgage. Property worth £325k, I want to borrow 132K. I bought the property four years ago for 138K and I currently owe 120K to Rely Mortgages
How can I make myself more attractive to a lender such as Rely Mortgages when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
Notwithstanding that I am a contractor (freelance journalist) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do Rely Mortgages even grant mortgages to contactors ?
I am lead to believe that mortgage lenders generally consider contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as a media contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by maximising use of the expertise and contacts they have established.
The content set out above is in relation to properties in England and Wales.
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