Halifax Loans Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Halifax Loans offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Halifax Loans and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
What is current approach to contractor mortgages and Halifax Loans? I am a contractor but my hubby has a permanent job. Will Halifax Loans take my salary were we to make an application in both our names?
As contractor looking for a mortgage with Halifax Loans 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.
I am finding the process of trying to obtain a contractor mortgage very 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.
If I reveal to Halifax Loans that I’m contracting, are they likely to charge me a higher rate on my mortgage?
I am lead to believe that banks and building societies generally consider contractors as high risk applicants; so require 3 years’ accounts to substantiate 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 Halifax Loans to offer funds on the more realistic basis of my contracted rate.
The above information covers to properties in England and Wales.
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