RBS- First Active Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether RBS- First Active offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about RBS- First Active and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
What is the situation with contractor mortgages and RBS- First Active? I am a contractor but my OH has a permanent job. Will RBS- First Active take my salary were we to make an application in both our names?
What criteria does a mortgage lender (for example RBS- First Active) adopt to class someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
How can I make myself more attractive to a lender such as RBS- First Active when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
Even though I am a contractor (freelance journalist) do I really need to supply at least six months of both business and personal bank statements as part of the due diligence process for RBS- First Active.I am not convinced that my broker is correct.
My research online indicates that banks and building societies generally view contractors as high risk applicants; so require 3 years’ accounts to validate 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 remove the hassle by maximising use of the expertise and contacts they have established.
The above information covers to properties in England and Wales.
Find out how to order your redemption statement request from RBS- First Active