The Mortgage Business Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether The Mortgage Business offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about The Mortgage Business 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 The Mortgage Business) adopt to class someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
I am finding the process of looking for a contractor mortgage extremely frustrating. I can't seem to find any lenders who really understand my situation and the challenges faced being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
Is it correct that that as contractor I would require a significant deposit up to as much as 50 per cent to qualify for a mortgage with The Mortgage Business.
I am lead to believe that mortgage lenders generally view contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused mortgage broker remove the hassle by maximising use of the expertise and contacts they have established.
I have no idea whether The Mortgage Business grant contractor mortgages but in the event that they do how does a The Mortgage Business contractor mortgage differ from a traditional home loan?
The content set out above is in relation to properties in England and Wales.
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