Bank of Scotland Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Bank of Scotland offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Bank of Scotland and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am a freelance contractor. Mortgage options are being looked at but its tricky. I have considered is whether I could get a letter from my company confirming I will be moved onto a permanent contract before the end of my set term? Would this assist my cause when applying for a mortgage with lend
Do any sections of the CML Lender's Handbook stipulate the requirements for Bank of Scotland when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example Bank of Scotland) use to class a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
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 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.
I am lead to believe that mortgage lenders in the main consider contractors as high risk applicants; so demand 3 years’ accounts to validate 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 persuade lenders such as Bank of Scotland to offer funds on the more realistic basis of my contracted rate.
The above information is in relation to properties in England and Wales.
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