Yorkshire Building Society Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Yorkshire Building Society offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Yorkshire Building Society and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am looking for some mortgage advice. I am currently on a grad scheme, 12 months into a two contract. However, I'm unlikely to be moved onto a permanent contract until around December time. My question is, will Yorkshire Building Society even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I am an IT contractor looking to buy a home in Bedford. My next step is to secure a mortgage preferably with Yorkshire Building Society. Should I contact Yorkshire Building Society directly or seek the help of a contractor specialist mortgage broker who is used to dealing with contractors and Yorkshire Building Society.
What criteria does a mortgage lender (for example Yorkshire Building Society) adopt to class someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
Even though I am a contractor (HR consultant) is it necessary for me to supply at least six months of both business and personal bank statements as part of the due diligence process for Yorkshire Building Society.I am not convinced that my broker is correct.
My research online indicates that mortgage lenders generally 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 IFAs persuade lenders such as Yorkshire Building Society to offer funds on the more realistic basis of my contracted rate.
The content set out above is in relation to properties in England and Wales.
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