Ecology Building Society Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Ecology Building Society offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Ecology Building Society and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have retained a broker concerning my remortgage because I am on a fixed term contract of 3 years (a finacial contractor). My contract started date last year. I am seeking a five year fixed rate deal. Property worth £325k, I want to borrow 132K. I bought the property 3 years ago for £157,000 and I currently owe 120K to Ecology Building Society
I am a media contractor looking to buy a home in London. My next step is to secure a mortgage preferably from Ecology Building Society. Would it be wise to contact Ecology Building Society directly or seek the services of a contractor specialist mortgage broker who focuses on dealing with contractors and Ecology Building Society.
What criteria does a mortgage lender (for example Ecology Building Society) adopt to class a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
I am finding the process of trying to obtain a contractor mortgage extremely frustrating. I can't seem to find any 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.
My research online suggests that mortgage lenders generally consider contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as Ecology Building Society 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 Ecology Building Society