Paragon Mortgages Ltd Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Paragon Mortgages Ltd offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Paragon Mortgages Ltd 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 regarding my remortgage because I have just won a fixed term contract of two years (a media contractor). My contract started date last year. I am looking for a 5 year fixed rate mortgage. Property worth £200,000, I want to borrow 132K. I bought the property 3 years ago for £157,000 and I currently owe 165k to Paragon Mortgages Ltd
Does the UK Finance Lender's Handbook stipulate the requirements for Paragon Mortgages Ltd when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example Paragon Mortgages Ltd) use to class a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
If I inform Paragon Mortgages Ltd that I’m contracting, will they charge me a higher rate on my mortgage?
Could a contractor mortgage with Paragon Mortgages Ltd be a better option for me than a traditional Paragon Mortgages Ltd mortgage ?
The above information covers to properties in England and Wales.
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