Platform Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Platform offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Platform and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
What criteria does a mortgage lender (for example Platform) use to class someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a company?
in the throws of proceeding through the contractor mortgage process to move to a buy to let with a new lender. All documents done and sent. Received a call from the lender to say they can't move ahead with process unless my current manager issues a letter saying my contract will definitely be prolonged and when new end date will be. Any thoughts?
I am finding the process of trying to obtain a contractor mortgage extremely frustrating. I can't seem to find any lenders who really understand my situation and the challenges faced being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
I am lead to believe that banks and building societies generally 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 reflect an accurate picture of my income potential. Will a contractor-focused mortgage broker remove the hassle by making use of the expertise and contacts they have established.
Could a contractor mortgage with Platform be a better option for me than a standard Platform mortgage ?
The above information covers to properties in England and Wales.
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