Leeds Building Society Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Leeds Building Society offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Leeds Building Society 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 mortgage adviser concerning my remortgage because I am on a fixed term contract of two years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract started date last year. I am seeking a 5 year fixed rate deal. Property value 165K, I want to borrow 132K. I bought the property 3 years ago for 138K and I currently owe 115k to Leeds Building Society
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 Leeds Building Society?
Do any sections of the CML Lender's Handbook set out the requirements for Leeds Building Society when it comes to contractor mortgages or self-employed mortgages.
How can I make myself more attractive to a lender such as Leeds Building Society when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
My research online suggests that mortgage lenders in the main consider 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 give an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as Leeds Building Society to offer funds on the more realistic basis of my contracted rate.
The above information covers to properties in England and Wales.
Find out how to order your redemption statement request from Leeds Building Society