Aldermore Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Aldermore Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Aldermore Bank 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 Aldermore Bank) adopt to categorise a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
Going through the contractor mortgage process to move to a buy to let with a new bank. All documents done and submitted. Received a call from the lender to say they can't move ahead with application unless my current manager issues a letter saying my contract will definitely be prolonged and when new end date will be. Any thoughts?
I am finding the process of trying to obtain 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.
My research online indicates that mortgage lenders in the main 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 built up.
I don't know whether Aldermore Bank grant contractor mortgages but in the event that they do how does a Aldermore Bank 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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