MPowered Mortgages Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether MPowered Mortgages offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about MPowered Mortgages and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have retained a mortgage adviser concerning my remortgage because I have just won a fixed term contract of four years (an IT contractor). My contract started date this year. I am seeking a five year fixed rate deal. Property value 165K, I want to borrow £150,000. I purchased the property 3 years ago for 138K and I currently owe 115k to MPowered Mortgages
I am an IT contractor looking to buy a home in Nottingham. My next step is to secure a mortgage ideally with MPowered Mortgages. Am I best advised to contact MPowered Mortgages directly or seek the assistance of a contractor specialist mortgage broker who is used to dealing with contractors and MPowered Mortgages.
Do any sections of the CML Lender's Handbook stipulate the requirements for MPowered Mortgages when it comes to contractor mortgages or self-employed mortgages.
Myself and my husband are currently about to apply for a mortgage with MPowered Mortgages. Next month I commence working as a contractor. My husband is full time employed and so does have a meaningful income. Is it going to be a case of just getting a non-contractor mortgage with MPowered Mortgages in my husband’s name only?
My research online indicates that banks and building societies in the main view contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as MPowered Mortgages to offer funds on the more realistic basis of my contracted rate.
The above information is in relation to properties in England and Wales.
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