RBS (One Account) Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether RBS (One Account) offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about RBS (One Account) and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have retained an IFA concerning my remortgage because I have just won a fixed term contract of 3 years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract started date last year. I am seeking a three year fixed rate deal. Property value £325k, I want to borrow £150,000. I bought the property 3 years ago for 138K and I currently owe 165k to RBS (One Account)
Does the UK Finance Lender's Handbook set out the requirements for RBS (One Account) when it comes to contractor mortgages or self-employed mortgages.
in the throws of proceeding through the contractor mortgage process to move to a buy to let with a new lender. All paperwork completed and sent. Received communication from the lender to say they can't move ahead with application unless my current manager issues a letter confirming that my contract will definitely get extended and when new end date will be. Any thoughts?
If I inform RBS (One Account) that I’m contracting, will they charge me a higher rate on my mortgage?
I am lead to believe that banks and building societies generally consider contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as RBS (One Account) 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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