New Street Mortgages Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether New Street Mortgages offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about New Street Mortgages and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
Do any sections of the UK Finance Lender's Handbook stipulate the requirements for New Street Mortgages when it comes to contractor mortgages or self-employed mortgages.
I am finding the process of trying to obtain a contractor mortgage extremely frustrating. There doesn't seem to be many lenders who really understand my situation and the peculiarities of being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
Even though I am a contractor (freelance journalist) is it necessary for me to produce at least six months of both business and personal bank statements as part of the vetting process for New Street Mortgages.I am not convinced that my broker is correct.
I am lead to believe that mortgage lenders generally view 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 give an accurate picture of my income potential. Will a contractor-focused IFAs utilise bespoke underwriting with lenders such as New Street Mortgages.
I have no idea whether New Street Mortgages are in the business of issuing contractor mortgages but in the event that they do how does a New Street Mortgages contractor mortgage differ from a traditional home loan?
The above information is in relation to properties in England and Wales.
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