Scottish Widows Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Scottish Widows offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Scottish Widows 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 Scottish Widows) adopt to categorise someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
As contractor looking for a mortgage with Scottish Widows will they want to assess my experience, my history of contracting, the length of my current contract and the likelihood of it being renewed? If so I will start to get the paperwork together.
I am finding the process of trying to obtain a contractor mortgage extremely frustrating. There doesn't seem to be many lenders who really understand my situation and the peculiarities of 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 understand that for some mortgage companies ‘contractors’ can be a red flag to their lending decision. Are there any lenders that take the same approach to mortgages for contractors as they do for standard home loan applications. In particular I have my eye on a mortgage deal with Scottish Widows
As a contractor (IT consultant) is it necessary for me to produce at least six months of both business and personal bank statements as part of the vetting process for Scottish Widows.I am not convinced that my broker is correct.
The above information covers to properties in England and Wales.
Find out how to order your redemption statement request from Scottish Widows