TSB Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether TSB offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about TSB and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
What criteria does a mortgage lender (for example TSB) use to class someone 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 TSB 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.
My existing mortgage lender had given us consent to let. My situation changed last year, I started my own company and started working as a contractor. Are you able to recommend a lender who specialises in contractor mortgages?
As a contractor (freelance journalist) is it necessary for me to produce at least six months of both business and personal bank statements as part of the due diligence process for TSB.I am not convinced that my broker is correct.
I am lead to believe that banks and building societies mostly view 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 mortgage broker utilise bespoke underwriting with lenders such as TSB.
The content set out above is in relation to properties in England and Wales.
Find out how to order your redemption statement request from TSB