The Mortgage Lender Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether The Mortgage Lender offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about The Mortgage Lender and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
Do any sections of the CML Lender's Handbook set out the requirements for The Mortgage Lender when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example The Mortgage Lender) use to categorise someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
I understand that for some lenders ‘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 The Mortgage Lender
I am lead to believe that banks and building societies generally consider contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as The Mortgage Lender to offer funds on the more realistic basis of my contracted rate.
I don't know whether The Mortgage Lender grant contractor mortgages but in the event that they do how does a The Mortgage Lender contractor mortgage differ from a traditional home loan?
The content set out above covers to properties in England and Wales.
Find out how to order your redemption statement request from The Mortgage Lender