State Bank of India UK Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether State Bank of India UK offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about State Bank of India UK and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have retained an IFA concerning my remortgage because I am on a fixed term contract of 3 years (on a grad scheme). My contract begin date this year. I am seeking a five year fixed rate mortgage. Property worth 165K, I want to borrow 132K. I bought the property 3 years ago for 138K and I currently owe 115k to State Bank of India UK
For two 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 State Bank of India UK in his name using our joint deposit and for me to be added at a later date?
What criteria does a mortgage lender (for example State Bank of India UK) adopt to categorise a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
How can I make myself more attractive to a lender such as State Bank of India UK when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
Is it true that as contractor I would need a significant deposit up to as much as 50 per cent to qualify for a mortgage with State Bank of India UK.
The content set out above covers to properties in England and Wales.
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