Ulster Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Ulster Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Ulster Bank 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 (an IT contractor). My contract started date this year. I am looking for a five year fixed rate deal. Property value 165K, I want to borrow 132K. I purchased the property four years ago for £220,500 and I currently owe 120K to Ulster Bank
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 85k contractor mortgage with a lender such as Ulster Bank?
What criteria does a mortgage lender (for example Ulster Bank) adopt to categorise 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 Ulster Bank 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 research online suggests 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 an engineering contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by maximising use of the expertise and contacts they have built up.
The content set out above is in relation to properties in England and Wales.
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