Bank of Scotland Private Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Bank of Scotland Private offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Bank of Scotland Private and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
What is the situation with contractor mortgages and Bank of Scotland Private? I am a contractor but my hubby has a permanent job. Will Bank of Scotland Private take my salary should we make a joint application?
What criteria does a mortgage lender (for example Bank of Scotland Private) use to class someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
My existing mortgage lender had given us consent to let. My situation changed last year, I started my own company and started working as a contractor. Are you able to recommend a lender who specialises in contractor mortgages?
Even though I am a contractor (freelance journalist) do I really need to supply at least six months of both business and personal bank statements as part of the vetting process for Bank of Scotland Private.I am not convinced that my broker is correct.
I am lead to believe that mortgage lenders mostly view contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused mortgage broker persuade lenders such as Bank of Scotland Private to offer funds on the more realistic basis of my contracted rate.
The above information covers to properties in England and Wales.
Find out how to order your redemption statement request from Bank of Scotland Private