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 an IFA regarding my remortgage because I have just won a fixed term contract of 3 years (an IT contractor). My contract begin date last year. I am looking for a five year fixed rate mortgage. Property value £325k, I want to borrow £150,000. I purchased the property 3 years ago for £157,000 and I currently owe 165k to Bank of Scotland
What criteria does a mortgage lender (for example Bank of Scotland) adopt to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
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?
Even though I am a contractor (HR consultant) is it necessary for me to produce at least six months of both business and personal bank statements as part of the due diligence process for Bank of Scotland.I am not convinced that my broker is correct.
Is it true that Bank of Scotland quote higher interest rates in respect of mortgages for contractors?
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