ModaMortgages Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether ModaMortgages offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about ModaMortgages 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 125k contractor mortgage with a lender such as ModaMortgages?
in the throws of proceeding through the contractor mortgage process to move to a buy to let with a new mortgage company. All documents done and sent. Received a call from the lender to say they can't move ahead with application unless my current manager writes me a letter confirming that my contract will definitely be prolonged and when new end date will be. Any thoughts?
Me and and my wife are soon to submit for our first mortgage application with ModaMortgages. Later this year I start working as a contractor. My wife is time employed as a surgeon and does have a meaningful income. Is it going to be a case of just getting a non-contractor mortgage with ModaMortgages in my wife’s sole name?
Is it correct that that as contractor I would require a huge deposit up to as much as 50 per cent to qualify for a mortgage with ModaMortgages.
My research online suggests that mortgage lenders generally view contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a broker specialising in contractor mortgages utilise bespoke underwriting with lenders such as ModaMortgages.
The above information covers to properties in England and Wales.
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