Virgin Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Virgin offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Virgin and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 125k contractor mortgage with a lender such as Virgin?
What criteria does a mortgage lender (for example Virgin) use to class a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
As contractor looking for a mortgage with Virgin 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.
Even though I am a contractor (freelance journalist) is it necessary for me to supply at least six months of both business and personal bank statements as part of the vetting process for Virgin.I am not convinced that my broker is correct.
I have no idea if Virgin are in the business of issuing contractor mortgages but in the event that they do how does a Virgin 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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