JPMorgan Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether JPMorgan offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about JPMorgan and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am seeking some mortgage advice. I am currently on a grad scheme, One year into a two contract. However, I'm unlikely to be moved onto a permanent contract until around May time. So I suppose my query is, will JPMorgan even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I am a media contractor looking to buy a home in Bedford. My next step is to secure a mortgage ideally with JPMorgan. Am I best advised to contact JPMorgan directly or seek the help of a contractor specialist mortgage broker who focuses on dealing with contractors and JPMorgan.
Do any sections of the UK Finance Lender's Handbook set out the requirements for JPMorgan when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example JPMorgan) use to categorise someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
My research online suggests that banks and building societies generally consider contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as JPMorgan to offer funds on the more realistic basis of my contracted rate.
The above information is in relation to properties in England and Wales.
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