Vida Homeloans Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Vida Homeloans offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Vida 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 an engineering contractor looking to buy a home in Nottingham. My next step is to secure a mortgage ideally from Vida Homeloans. Should I contact Vida Homeloans directly or seek the services of a contractor specialist mortgage broker who is used to dealing with contractors and Vida Homeloans.
Do any sections of the CML Lender's Handbook stipulate the requirements for Vida Homeloans when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example Vida Homeloans) use to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
I am finding the process of trying to obtain a contractor mortgage very frustrating. I can't seem to find any lenders who really understand my situation and the challenges faced being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
I am lead to believe that mortgage lenders in the main view contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs remove the hassle by making use of the expertise and contacts they have established.
The above information covers to properties in England and Wales.
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