Legal & General Home Finance Contractor Mortgages - Help and FAQs

I am a finacial contractor looking to buy a home in Bedford. My next step is to secure a mortgage ideally with Legal & General Home Finance. Am I best advised to contact Legal & General Home Finance directly or seek the assistance of a contractor specialist mortgage broker who focuses on dealing with contractors and Legal & General Home Finance.

I’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 75k contractor mortgage with a lender such as Legal & General Home Finance?

What criteria does a mortgage lender (for example Legal & General Home Finance) adopt to class a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?

Myself and my fiance are currently about to apply for our first mortgage with Legal & General Home Finance. However, after studying, I've just this month started working as a contractor, although I'm yet to register etc with HMRC. My fiance is full time employed as a lawyer, and so does have a good salaryfor us to put forward. I was hoping to get some advice on how my contractor status will affect us getting an application approved please?

My research online suggests that banks and building societies mostly 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 persuade lenders such as Legal & General Home Finance to offer funds on the more realistic basis of my contracted rate.