April Mortgages Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether April Mortgages offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about April Mortgages 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 four years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract started date last year. I am looking for a 5 year fixed rate mortgage. Property worth 165K, I want to borrow 132K. I purchased the property 3 years ago for £157,000 and I currently owe 115k to April Mortgages
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 April Mortgages?
As contractor looking for a mortgage with April Mortgages 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.
I am well aware that the days of self-certification contractor mortgages are a thing of the past. Are there any lenders that take the same approach to mortgages for contractors as they do for standard home loan applications. In particular I have my eye on a mortgage deal with April Mortgages
My research online indicates that banks and building societies generally consider contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused mortgage broker utilise bespoke underwriting with lenders such as April Mortgages.
The above information is in relation to properties in England and Wales.
Find out how to order your redemption statement request from April Mortgages