Bank of Scotland Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Bank of Scotland offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Bank of Scotland and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have been dealing with an IFA regarding my remortgage because I am on a fixed term contract of two years (on a grad scheme). My contract begin date earlier this year. I am looking for a 5 year fixed rate deal. Property value £325k, I want to borrow 132K. I bought the property 3 years ago for £220,500 and I currently owe 120K to Bank of Scotland
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 85k contractor mortgage with a lender such as Bank of Scotland?
As contractor looking for a mortgage with Bank of Scotland 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 (HR consultant) do I really need to produce at least six months of both business and personal bank statements as part of the due diligence process for Bank of Scotland.I am not convinced that my broker is correct.
I am lead to believe that banks and building societies in the main consider contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by maximising use of the expertise and contacts they have established.
The content set out above covers to properties in England and Wales.
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