Principality Building Society Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Principality Building Society offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Principality Building Society and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
What criteria does a mortgage lender (for example Principality Building Society) use to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
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.
How can I make myself more attractive to a lender such as Principality Building Society when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
I am lead to believe that banks and building societies in the main consider contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as Principality Building Society to offer funds on the more realistic basis of my contracted rate.
Could a contractor mortgage with Principality Building Society be a better option for me than a traditional Principality Building Society mortgage ?
The above information is in relation to properties in England and Wales.
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