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’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 125k contractor mortgage with a lender such as Co operative Bank?
Myself and my fiance are currently about to apply for our first mortgage with Co operative Bank. However, after studying, I've just this month started working as a contractor, although I'm yet to register etc with HMRC. My fiance is full time employed as an accountant, and so does have a good incomefor us to put forward. I was hoping to get some advice on how my contractor status will affect us getting an application approved please?
I am finding the process of trying to obtain a contractor mortgage extremely frustrating. There doesn't seem to be many 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.
Even though I am a contractor (HR consultant) do I really need to produce at least six months of both business and personal bank statements as part of the vetting process for Co operative Bank.I am not convinced that my broker is correct.
My research online indicates that banks and building societies generally 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 IFAs utilise bespoke underwriting with lenders such as Co operative Bank.
The content set out above is in relation to properties in England and Wales.
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