Paratus Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Paratus offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Paratus and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
Going 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 forward with process 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?
Even though I am a contractor (freelance journalist) is it necessary for me to produce at least six months of both business and personal bank statements as part of the due diligence process for Paratus.I am not convinced that my broker is correct.
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 Paratus.
I am lead to believe that banks and building societies in the main view contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as an engineering contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as Paratus to offer funds on the more realistic basis of my contracted rate.
I have no idea whether Paratus are in the business of issuing contractor mortgages but in the event that they do how does a Paratus contractor mortgage differ from a standard home loan?
The above information covers to properties in England and Wales.
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