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 am looking for some mortgage advice. I am currently an engineering contractor, 18 months into a two contract. the chances of me being moved onto a permanent contract are slim. My query is, will April Mortgages even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I have been dealing with a broker concerning my remortgage because I have just won a fixed term contract of two years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract started date this year. I am seeking a five year fixed rate deal. Property value £325k, I want to borrow 132K. I purchased the property four years ago for £157,000 and I currently owe 120K to 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.
My existing mortgage lender had given us consent to let. My situation changed last year, I started my own company and started working as a contractor. Are you able to recommend a lender who specialises in contractor mortgages?
My research online suggests 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 a finacial contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs remove the hassle by maximising use of the expertise and contacts they have established.
The content set out above covers to properties in England and Wales.
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