Virgin Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Virgin offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Virgin 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 broker concerning my remortgage because I am on a fixed term contract of two years (on a grad scheme). My contract begin date earlier this year. I am looking for a 5 year fixed rate deal. Property worth 165K, I want to borrow 132K. I bought the property four years ago for £220,500 and I currently owe 165k to Virgin
What criteria does a mortgage lender (for example Virgin) use to categorise a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
As contractor looking for a mortgage with Virgin 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?
Notwithstanding that I am a contractor (IT consultant) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do Virgin even grant mortgages to contactors ?
The above information covers to properties in England and Wales.
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