HSBC UK Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether HSBC UK Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about HSBC UK Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have been dealing with a broker concerning my remortgage because I have just won a fixed term contract of two years (a media contractor). My contract started date this year. I am seeking a three year fixed rate mortgage. Property worth 165K, I want to borrow £150,000. I bought the property three years ago for £157,000 and I currently owe 120K to HSBC UK Bank
What is the situation with contractor mortgages and HSBC UK Bank? I am a contractor but my partner has a permanent job. Will HSBC UK Bank take my salary should we make a joint application?
What criteria does a mortgage lender (for example HSBC UK Bank) use to class a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
Myself and my fiance are currently about to apply for our first mortgage with HSBC UK Bank. However, after studying, I've just this month started working as a contractor, although I'm yet to register etc with HMRC. My fiance is full time employed by the NHS as a doctor, and so does have a good salaryfor us to put forward. I was hoping to get some advice on how my contractor status will affect us getting an application approved please?
I am lead to believe that mortgage lenders 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 give an accurate picture of my income potential. Will a contractor-focused mortgage broker remove the hassle by making use of the expertise and contacts they have built up.
The content set out above is in relation to properties in England and Wales.
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