M&S Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether M&S Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about M&S Bank 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 an engineering contractor, 12 months into a three year contract. the chances of me being moved onto a permanent contract are slim. So I suppose my query is, will M&S Bank even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I have been dealing with an IFA regarding my remortgage because I have just won a fixed term contract of two years (an IT contractor). My contract started date last year. I am looking for a five year fixed rate mortgage. Property worth £325k, I want to borrow 132K. I purchased the property three years ago for £220,500 and I currently owe 120K to M&S Bank
I am a self employed contractor. Mortgage options are being looked at but its tricky. I have considered is whether I could get a letter from my company clarifying that I will be moved onto a permanent contract before the expiry of my set term? Would this help in applying for a mortgage with lend
My research online indicates that mortgage lenders generally view contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as a media contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as M&S Bank to offer funds on the more realistic basis of my contracted rate.
Could a contractor mortgage with M&S Bank be a better option for me than a standard M&S Bank mortgage ?
The content set out above is in relation to properties in England and Wales.
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