Vida Homeloans Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Vida Homeloans offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Vida Homeloans 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 set out the requirements for Vida Homeloans when it comes to contractor mortgages or self-employed mortgages.
As contractor looking for a mortgage with Vida Homeloans 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.
Going through the contractor mortgage process to move to a buy to let with a new mortgage company. All documents done and submitted. Received communication from the lender to say they can't move forward with process unless my current manager writes me a letter confirming that my contract will definitely be prolonged and when new end date will be. Any thoughts?
My research online suggests that banks and building societies in the main 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 reflect an accurate picture of my income potential. Will a contractor-focused mortgage broker remove the hassle by making use of the expertise and contacts they have built up.
Could a contractor mortgage with Vida Homeloans be a better option for me than a traditional Vida Homeloans mortgage ?
The above information is in relation to properties in England and Wales.
Find out how to order your redemption statement request from Vida Homeloans