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.
I have been dealing with a mortgage adviser concerning my remortgage because I have just won a fixed term contract of two years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract started date this year. I am looking for a five year fixed rate deal. Property worth £325k, I want to borrow £150,000. I bought the property 3 years ago for £157,000 and I currently owe 115k to TSB
Do any sections of the CML Lender's Handbook set out the requirements for TSB when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example TSB) use 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?
Is it correct that that as contractor I would need a significant deposit up to as much as 50 per cent to qualify for a mortgage with TSB.
Could a contractor mortgage with TSB be a better option for me than a standard TSB mortgage ?
The content set out above is in relation to properties in England and Wales.
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