Tandem Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Tandem Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Tandem Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am an engineering contractor looking to buy a home in Nottingham. My next step is to secure a mortgage ideally with Tandem Bank. Should I contact Tandem Bank directly or seek the assistance of a contractor specialist mortgage broker who focuses on dealing with contractors and Tandem Bank.
What criteria does a mortgage lender (for example Tandem Bank) use to class a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
I am finding the process of looking for a contractor mortgage very frustrating. There doesn't seem to be many lenders who really understand my situation and the challenges faced being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
If I advise Tandem Bank that I’m contracting, are they likely to charge me a higher rate on my mortgage?
I am lead to believe that banks and building societies in the main view contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused mortgage broker utilise bespoke underwriting with lenders such as Tandem Bank.
The above information is in relation to properties in England and Wales.
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