Scottish Building Society Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Scottish Building Society offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Scottish Building Society and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
What criteria does a mortgage lender (for example Scottish Building Society) adopt to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
My existing mortgage lender had given us consent to let. My situation changed last year, I started my own company and started working as a contractor. Are you able to recommend a lender who specialises in contractor mortgages?
How can I make myself more attractive to a lender such as Scottish Building Society when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
Even though I am a contractor (freelance journalist) is it necessary for me to supply at least six months of both business and personal bank statements as part of the due diligence process for Scottish Building Society.I am not convinced that my broker is correct.
My research online suggests that mortgage lenders mostly view contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a contractor-focused mortgage broker persuade lenders such as Scottish Building Society to offer funds on the more realistic basis of my contracted rate.
The content set out above is in relation to properties in England and Wales.
Find out how to order your redemption statement request from Scottish Building Society