RBS- First Active Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether RBS- First Active offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about RBS- First Active and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am seeking some mortgage advice. I am currently on a grad scheme, 18 months into a two contract. However, I'm unlikely to be moved onto a permanent contract until around March time. My query is, will RBS- First Active 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 (on a grad scheme). My contract begin date last year. I am seeking a five year fixed rate deal. Property worth £325k, I want to borrow 132K. I bought the property four years ago for £157,000 and I currently owe 120K to RBS- First Active
As contractor looking for a mortgage with RBS- First Active will they want to assess my experience, my history of contracting, the length of my current contract and the likelihood of it being renewed? If so I will start to get the paperwork together.
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?
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 IFAs persuade lenders such as RBS- First Active to offer funds on the more realistic basis of my contracted rate.
The above information is in relation to properties in England and Wales.
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