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 am an engineering contractor looking to buy a home in Bedford. My next step is to secure a mortgage preferably from Bank of Scotland. Would it be wise to contact Bank of Scotland directly or seek the assistance of a contractor specialist mortgage broker who focuses on dealing with contractors and Bank of Scotland.
Do any sections of the CML Lender's Handbook stipulate the requirements for Bank of Scotland when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example Bank of Scotland) 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?
I'm an engineering contractor, based on my accounts, my average net profit and director's salary is £45,000. I am looking to purchase a house in loc. What are the chances of borrowing 165k by way of a contractor mortgage with Meliden
My research online indicates that mortgage lenders generally view contractors as high risk applicants; so demand 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 mortgage broker utilise bespoke underwriting with lenders such as Bank of Scotland.
The content set out above covers to properties in England and Wales.
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