Magellan Homeloans Contractor Mortgages - Help and FAQs

Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Magellan Homeloans offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Magellan Homeloans and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.

I am looking for some mortgage advice. I am currently a media contractor, One year into a three year contract. the chances of me being moved onto a permanent contract are slim. So I suppose my question is, will Magellan Homeloans even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?

I have been dealing with an IFA regarding my remortgage because I have just won a fixed term contract of four years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract begin date earlier this year. I am seeking a 5 year fixed rate mortgage. Property worth £325k, I want to borrow £150,000. I purchased the property 3 years ago for 138K and I currently owe 165k to Magellan Homeloans

What is current approach to contractor mortgages and Magellan Homeloans? I am a contractor but my husband has a permanent job. Will Magellan Homeloans take my salary should we make an application in both our names?

I am a media contractor looking to buy a home in Nottingham. My next step is to secure a mortgage preferably from Magellan Homeloans. Should I contact Magellan Homeloans directly or seek the services of a contractor specialist mortgage broker who is used to dealing with contractors and Magellan Homeloans.

Myself and my husband are currently about to apply for a mortgage with Magellan Homeloans. Next month I commence working as a contractor. My husband is full time employed and so does have a healthy income. Is it going to be a case of just getting a non-contractor mortgage with Magellan Homeloans in my husband’s sole name?

The above information is in relation to properties in England and Wales.

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