Birmingham Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Birmingham Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Birmingham Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am seeking some mortgage advice. I am currently a media contractor, 18 months into a three year contract. the chances of me being moved onto an employed basis are slim. So I suppose my question is, will Birmingham Bank even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
What criteria does a mortgage lender (for example Birmingham Bank) adopt to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
My existing mortgage lender had given us consent to let. My situation changed last year, I started my own company and started working as a contractor. Are you able to recommend a lender who specialises in contractor mortgages?
Is it correct that that as contractor I would require a significant deposit up to as much as 50 per cent to qualify for a mortgage with Birmingham Bank.
My research online indicates that banks and building societies mostly consider contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a broker specialising in contractor mortgages utilise bespoke underwriting with lenders such as Birmingham Bank.
The above information is in relation to properties in England and Wales.
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