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’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 75k contractor mortgage with a lender such as Bank of Scotland?
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 more than a particular percentage of a company?
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.
Going through the contractor mortgage process to move to a buy to let with a new mortgage company. All paperwork completed and submitted. Received communication from the lender to say they can't move ahead with process unless my current manager issues a letter saying my contract will definitely get extended and when new end date will be. Any advice?
Could a contractor mortgage with Bank of Scotland be a better option for me than a traditional Bank of Scotland mortgage ?
The content set out above covers to properties in England and Wales.
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