Birmingham Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Birmingham Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Birmingham Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have been dealing with an IFA concerning my remortgage because I have just won a fixed term contract of 3 years (on a grad scheme). My contract begin date last year. I am seeking a five year fixed rate mortgage. Property value 165K, I want to borrow £150,000. I bought the property three years ago for £220,500 and I currently owe 115k to Birmingham Bank
What is current approach to contractor mortgages and Birmingham Bank? I am a contractor but my OH has a permanent job. Will Birmingham Bank take my salary if we make an application in both our names?
I’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 95k contractor mortgage with a lender such as Birmingham Bank?
What criteria does a mortgage lender (for example Birmingham Bank) use to class someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
My research online suggests that mortgage lenders generally consider contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a broker specialising in contractor mortgages utilise bespoke underwriting with lenders such as Birmingham Bank.
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