First Direct Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether First Direct offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about First Direct and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am a media contractor looking to buy a home in Nottingham. My next step is to secure a mortgage preferably from First Direct. Am I best advised to contact First Direct directly or seek the assistance of a contractor specialist mortgage broker who focuses on dealing with contractors and First Direct.
What criteria does a mortgage lender (for example First Direct) use to class someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
As contractor looking for a mortgage with First Direct 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.
Is it correct that First Direct quote higher interest rates in respect of mortgages for contractors?
I am lead to believe that banks and building societies mostly consider contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused mortgage broker persuade lenders such as First Direct to offer funds on the more realistic basis of my contracted rate.
The above information covers to properties in England and Wales.
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