Co operative Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Co operative Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Co operative Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am looking for some mortgage advice. I am currently an IT contractor, One year into a three year contract. However, I'm unlikely to be moved onto a permanent contract until around May time. So I suppose my query is, will Co operative Bank even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I have retained an IFA concerning my remortgage because I have just won a fixed term contract of 3 years (an IT contractor). My contract started date last year. I am looking for a three year fixed rate mortgage. Property worth £200,000, I want to borrow £150,000. I purchased the property three years ago for £157,000 and I currently owe 120K to Co operative Bank
What criteria does a mortgage lender (for example Co operative Bank) use to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
I understand that for some banks ‘contractors’ can be a red flag to their lending decision. 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 Co operative Bank
Is it correct that that as contractor I would need a significant deposit up to as much as 50 per cent to qualify for a mortgage with Co operative Bank.
The above information covers to properties in England and Wales.
Find out how to order your redemption statement request from Co operative Bank