State Bank of India UK Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether State Bank of India UK offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about State Bank of India UK and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am looking for some mortgage advice. I am currently a media contractor, One year into a 2 contract. However, I'm unlikely to be moved onto a permanent contract until around June time. My query is, will State Bank of India UK even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
Does the UK Finance Lender's Handbook set out the requirements for State Bank of India UK when it comes to contractor mortgages or self-employed mortgages.
Myself and my fiance are currently about to apply for our first mortgage with State Bank of India UK. However, after studying, I've just this month started working as a contractor, although I'm yet to register etc with HMRC. My fiance is full time employed as an accountant, and so does have a healthy salaryfor us to put forward. I was hoping to get some advice on how my contractor status will affect us getting an application approved please?
If I tell State Bank of India UK that I’m contracting, will they charge me a higher rate on my mortgage?
I am lead to believe that mortgage lenders in the main view contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs remove the hassle by maximising use of the expertise and contacts they have established.
The content set out above is in relation to properties in England and Wales.
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