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 retained a mortgage adviser regarding my remortgage because I have just won a fixed term contract of 3 years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract started date earlier this year. I am seeking a five year fixed rate mortgage. Property worth 165K, I want to borrow £150,000. I bought the property 3 years ago for £157,000 and I currently owe 120K to Bank of Scotland
I am a media contractor looking to buy a home in Nottingham. My next step is to secure a mortgage ideally from Bank of Scotland. Am I best advised to contact Bank of Scotland directly or seek the help of a contractor specialist mortgage broker who is used to dealing with contractors and Bank of Scotland.
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) adopt to class someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
Notwithstanding that I am a contractor (IT consultant) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do Bank of Scotland even grant mortgages to contactors ?
The above information is in relation to properties in England and Wales.
Find out how to order your redemption statement request from Bank of Scotland