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.
I have been dealing with a mortgage adviser regarding my remortgage because I have just won a fixed term contract of 3 years (a finacial contractor). My contract begin date this year. I am looking for a three year fixed rate mortgage. Property worth £325k, I want to borrow 132K. I purchased the property 3 years ago for £220,500 and I currently owe 120K to The Mortgage Lender
I am an engineering contractor looking to buy a home in Bedford. My next step is to secure a mortgage ideally with The Mortgage Lender. Would it be wise to contact The Mortgage Lender directly or seek the help of a contractor specialist mortgage broker who focuses on dealing with contractors and The Mortgage Lender.
I’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 125k contractor mortgage with a lender such as The Mortgage Lender?
What criteria does a mortgage lender (for example The Mortgage Lender) adopt to class a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
As contractor looking for a mortgage with The Mortgage Lender will they want to assess my experience, my history of contracting, the length of my current contract and the likelihood of it being renewed? If so I will start to get the paperwork together.
The above information is in relation to properties in England and Wales.
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