Lloyds Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Lloyds offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Lloyds and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
What criteria does a mortgage lender (for example Lloyds) adopt to categorise someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
Going through the contractor mortgage process to move to a buy to let with a new lender. All paperwork completed and submitted. Received a call from the lender to say they can't move ahead with process unless my current manager writes me a letter confirming that my contract will definitely get extended and when new end date will be. Any thoughts?
I am finding the process of looking for a contractor mortgage extremely frustrating. There doesn't seem to be many lenders who really understand my situation and the peculiarities of being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
I am well aware that the days of self-certification contractor mortgages are long gone. 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 Lloyds
My research online indicates that banks and building societies in the main consider contractors as high risk applicants; so require 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 persuade lenders such as Lloyds to offer funds on the more realistic basis of my contracted rate.
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