Scottish Building Society Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Scottish Building Society offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Scottish Building Society and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am looking for some mortgage advice. I am currently an engineering contractor, 18 months into a two contract. However, I'm unlikely to be moved onto a permanent contract until around December time. My question is, will Scottish Building Society even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
What criteria does a mortgage lender (for example Scottish Building Society) adopt to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
Going through the contractor mortgage process to move to a buy to let with a new lender. All documents done and submitted. Received a call from the lender to say they can't move ahead with application unless my current manager writes me a letter confirming that my contract will definitely get extended and when new end date will be. Any thoughts?
I am finding the process of looking for 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.
My research online suggests that banks and building societies mostly consider contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by making use of the expertise and contacts they have established.
The content set out above is in relation to properties in England and Wales.
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