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 a broker concerning my remortgage because I am on a fixed term contract of four years (an IT contractor). My contract begin date last year. I am looking for a three year fixed rate deal. Property worth 165K, I want to borrow £150,000. I bought the property four years ago for £157,000 and I currently owe 165k to Bank of Scotland
What is current approach to contractor mortgages and Bank of Scotland? I am a contractor but my hubby has a permanent job. Will Bank of Scotland take my salary if we make an application in both our names?
I am finding the process of trying to obtain a contractor mortgage extremely frustrating. I can't seem to find any lenders who really understand my situation and the challenges faced being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
How can I make myself more attractive to a lender such as Bank of Scotland when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
My research online suggests that banks and building societies generally consider contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused IFAs remove the hassle by making use of the expertise and contacts they have established.
The above information is in relation to properties in England and Wales.
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