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.
Does the CML Lender's Handbook stipulate the requirements for The Mortgage Lender when it comes to contractor mortgages or self-employed mortgages.
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.
Myself and my husband are currently about to apply for a mortgage with The Mortgage Lender. Next month I commence working as a contractor. My husband is full time employed and so does have a meaningful salary. Is it going to be a case of just getting a non-contractor mortgage with The Mortgage Lender in my husband’s sole name?
How can I make myself more attractive to a lender such as The Mortgage Lender when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
I am lead to believe that mortgage lenders in the main consider contractors as high risk applicants; so demand 3 years’ accounts to validate 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.
The content set out above covers to properties in England and Wales.
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