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.
As contractor looking for a mortgage with Vida Homeloans will they want to assess my experience, my history of contracting, the length of my current contract and the likelihood of it being renewed? If so I will start to get the paperwork together.
I am finding the process of looking for 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 well aware that the days of self-certification contractor mortgages are long gone. 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 Vida Homeloans
If I advise Vida Homeloans that I’m contracting, are they likely to charge me a higher rate on my mortgage?
My research online suggests that banks and building societies mostly view 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 utilise bespoke underwriting with lenders such as Vida Homeloans.
The above information is in relation to properties in England and Wales.
Find out how to order your redemption statement request from Vida Homeloans