The Mortgage Works Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether The Mortgage Works offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about The Mortgage Works 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 a broker regarding my remortgage because I am on 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 this year. I am looking for a five year fixed rate deal. Property value £200,000, I want to borrow 132K. I purchased the property 3 years ago for £220,500 and I currently owe 115k to The Mortgage Works
What is current approach to contractor mortgages and The Mortgage Works? I am a contractor but my partner has a permanent job. Will The Mortgage Works take my salary should we make an application in both our names?
What criteria does a mortgage lender (for example The Mortgage Works) 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?
As a contractor (IT consultant) is it necessary for me to supply at least six months of both business and personal bank statements as part of the due diligence process for The Mortgage Works.I am not convinced that my broker is correct.
I am lead to believe that mortgage lenders mostly consider contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a broker specialising in contractor mortgages utilise bespoke underwriting with lenders such as The Mortgage Works.
The content set out above is in relation to properties in England and Wales.
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