Sainsbury's Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Sainsbury's Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Sainsbury's 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 looking for some mortgage advice. I am currently an engineering contractor, One year into a two contract. However, I'm unlikely to be moved onto a permanent contract until around May time. My question is, will Sainsbury's Bank even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
Myself and my husband are currently about to apply for a mortgage with Sainsbury's Bank. Next month I commence working as a contractor. My husband is full time employed and so does have a healthy salary. Is it going to be a case of just getting a non-contractor mortgage with Sainsbury's Bank in my husband’s sole name?
If I advise Sainsbury's Bank that I’m contracting, will they charge me a higher rate on my home loan?
I am lead to believe that banks and building societies in the main consider contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a contractor-focused mortgage broker remove the hassle by making use of the expertise and contacts they have built up.
Could a contractor mortgage with Sainsbury's Bank be a better option for me than a traditional Sainsbury's Bank mortgage ?
The content set out above covers to properties in England and Wales.
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