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 a self employed contractor. Mortgage options are being looked at but its problematic. I have considered is whether I could get a letter from my company clarifying that I will be moved onto a permanent contract prior to the end of my set term? Would this assist in applying for a mortgage with lend
I am an IT contractor looking to buy a home in London. My next step is to secure a mortgage preferably from Vida Homeloans. Am I best advised to contact Vida Homeloans directly or seek the assistance of a contractor specialist mortgage broker who focuses on dealing with contractors and Vida Homeloans.
What criteria does a mortgage lender (for example Vida Homeloans) adopt to class a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
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 lead to believe that mortgage lenders mostly consider contractors as high risk applicants; so demand 3 years’ accounts to substantiate mortgage affordability. In my case as a media contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused IFAs remove the hassle by maximising use of the expertise and contacts they have built up.
The above information covers to properties in England and Wales.
Find out how to order your redemption statement request from Vida Homeloans