Hodge Equity Release Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Hodge Equity Release offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Hodge Equity Release 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 85k contractor mortgage with a lender such as Hodge Equity Release?
What criteria does a mortgage lender (for example Hodge Equity Release) use to class a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
I am finding the process of trying to obtain a contractor mortgage very frustrating. There doesn't seem to be many lenders who really understand my situation and the peculiarities of being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
As a contractor (in the Oil & Gas industry) do I really need to produce at least six months of both business and personal bank statements as part of the due diligence process for Hodge Equity Release.I am not convinced that my broker is correct.
My research online suggests that mortgage lenders generally consider contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as a media contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a contractor-focused mortgage broker utilise bespoke underwriting with lenders such as Hodge Equity Release.
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