Birmingham Midshires Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Birmingham Midshires offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Birmingham Midshires 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 on a grad scheme, One year into a three year contract. However, I'm unlikely to be moved onto a permanent contract until around March time. So I suppose my query is, will Birmingham Midshires even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I have been dealing with an IFA concerning my remortgage because I have just won a fixed term contract of 3 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 looking for a five year fixed rate mortgage. Property value 165K, I want to borrow £150,000. I bought the property four years ago for £220,500 and I currently owe 115k to Birmingham Midshires
What is current approach to contractor mortgages and Birmingham Midshires? I am a contractor but my OH has a permanent job. Will Birmingham Midshires take my salary if we make a joint application?
What criteria does a mortgage lender (for example Birmingham Midshires) adopt to class a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
My research online indicates that mortgage lenders mostly consider contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused mortgage broker utilise bespoke underwriting with lenders such as Birmingham Midshires.
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