Platform Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Platform offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Platform 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 an IT contractor, 18 months into a 2 contract. the chances of me being moved onto a permanent contract are slim. So I suppose my question is, will Platform even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I understand that for some banks ‘contractors’ can be a red flag to their lending decision. Are there any lenders that take the same approach to mortgages for contractors as they do for standard home loan applications. In particular I have my eye on a mortgage deal with Platform
As a contractor (HR consultant) do I really need to produce at least six months of both business and personal bank statements as part of the vetting process for Platform.I am not convinced that my broker is correct.
My research online indicates that mortgage lenders mostly consider contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as Platform to offer funds on the more realistic basis of my contracted rate.
I don't know if Platform are in the business of issuing contractor mortgages but if they do how does a Platform contractor mortgage differ from a traditional home loan?
The above information covers to properties in England and Wales.
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