State Bank of India UK Contractor Mortgages - Help and FAQs

I have retained an IFA regarding my remortgage because I am on a fixed term contract of four years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract begin date this year. I am seeking a 5 year fixed rate mortgage. Property worth 165K, I want to borrow 132K. I purchased the property four years ago for £220,500 and I currently owe 120K to State Bank of India UK

Do any sections of the CML Lender's Handbook stipulate the requirements for State Bank of India UK when it comes to contractor mortgages or self-employed mortgages.

I am finding the process of trying to obtain a contractor mortgage very frustrating. There doesn't seem to be many lenders who really understand my situation and the peculiarities of being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.

I understand that for some banks ‘contractors’ can be a red flag to their lending decision. Are there any lenders that take the same approach to mortgages for contractors as they do for standard home loan applications. I am particularly interested in a mortgage deal with State Bank of India UK

I'm an IT contractor, according to my accounts, my average net profit and director's salary is £45,000. I am looking to purchase a house in loc. What are the chances of borrowing 165k by way of a contractor mortgage with Englefield Green