Furness Building Society Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Furness Building Society offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Furness Building Society and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
What criteria does a mortgage lender (for example Furness Building Society) use to categorise a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
in the throws of proceeding through the contractor mortgage process to move to a buy to let with a new lender. All documents done and sent. Received communication from the lender to say they can't move forward with application unless my current manager writes me a letter saying my contract will definitely get extended and when new end date will be. Any thoughts?
As a contractor (IT consultant) do I really need to supply at least six months of both business and personal bank statements as part of the vetting process for Furness Building Society.I am not convinced that my broker is correct.
I am lead to believe that mortgage lenders in the main view 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 reflect an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as Furness Building Society to offer funds on the more realistic basis of my contracted rate.
Could a contractor mortgage with Furness Building Society be a better option for me than a traditional Furness Building Society mortgage ?
The content set out above covers to properties in England and Wales.
Find out how to order your redemption statement request from Furness Building Society