Birmingham Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Birmingham Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Birmingham Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have retained a mortgage adviser regarding my remortgage because I am on a fixed term contract of four years (on a grad scheme). My contract begin date earlier this year. I am seeking a five year fixed rate deal. Property worth £325k, I want to borrow 132K. I bought the property four years ago for £220,500 and I currently owe 165k to Birmingham Bank
What criteria does a mortgage lender (for example Birmingham Bank) use to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
As contractor looking for a mortgage with Birmingham Bank 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.
How can I make myself more attractive to a lender such as Birmingham Bank when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
I understand that for some mortgage companies ‘contractors’ can be a red flag to their lending decision. 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 Birmingham Bank
The content set out above is in relation to properties in England and Wales.
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