RBS - Virgin One Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether RBS - Virgin One offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about RBS - Virgin One and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
What is the situation with contractor mortgages and RBS - Virgin One? I am a contractor but my OH has a permanent job. Will RBS - Virgin One take my salary were we to make a joint application?
What criteria does a mortgage lender (for example RBS - Virgin One) use to class a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
Even though I am a contractor (HR consultant) do I really need to produce at least six months of both business and personal bank statements as part of the vetting process for RBS - Virgin One.I am not convinced that my broker is correct.
My research online suggests that banks and building societies in the main consider contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused IFAs utilise bespoke underwriting with lenders such as RBS - Virgin One.
I have no idea if RBS - Virgin One grant contractor mortgages but in the event that they do how does a RBS - Virgin One contractor mortgage differ from a standard mortgage?
The above information is in relation to properties in England and Wales.
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