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 am looking for some mortgage advice. I am currently on a grad scheme, One year into a two contract. However, I'm unlikely to be moved onto a permanent contract until around May time. My query is, will State Bank of India UK even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
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.
I understand that for some mortgage companies ‘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. In particular I have my eye on a mortgage deal with State Bank of India UK
Even though I am a contractor (HR consultant) 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 State Bank of India UK.I am not convinced that my broker is correct.
My research online indicates that mortgage lenders generally consider contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as State Bank of India UK to offer funds on the more realistic basis of my contracted rate.
The above information is in relation to properties in England and Wales.
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