M&S Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether M&S Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about M&S Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have been dealing with a broker concerning my remortgage because I have just won a fixed term contract of four years (a finacial contractor). My contract started date earlier this year. I am seeking a three year fixed rate deal. Property value £325k, I want to borrow 132K. I purchased the property three years ago for 138K and I currently owe 115k to M&S Bank
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 125k contractor mortgage with a lender such as M&S Bank?
As contractor looking for a mortgage with M&S Bank 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.
How can I make myself more attractive to a lender such as M&S Bank when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
My research online suggests that banks and building societies in the main view contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as a media contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs utilise bespoke underwriting with lenders such as M&S Bank.
The content set out above is in relation to properties in England and Wales.
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