M&S Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether M&S Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about M&S 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 am on a fixed term contract of two years (an engineering contractor). My contract started date last year. I am looking for a five year fixed rate mortgage. Property worth £200,000, I want to borrow £150,000. I purchased the property three years ago for £157,000 and I currently owe 115k to M&S Bank
Myself and my fiance are currently about to apply for our first mortgage with M&S 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 as an accountant, and so does have a good incomefor us to put forward. I was hoping to get some advice on how my contractor status will affect us getting an application approved please?
If I advise M&S Bank that I’m contracting, will they charge me a higher rate on my home loan?
I am lead to believe that banks and building societies in the main consider contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as an IT 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 M&S Bank.
I have no idea if M&S Bank grant contractor mortgages but in the event that they do how does a M&S Bank contractor mortgage differ from a standard home loan?
The content set out above is in relation to properties in England and Wales.
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