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.
I have retained a mortgage adviser concerning my remortgage because I am on a fixed term contract of four years (an engineering contractor). My contract begin date this year. I am looking for a 5 year fixed rate mortgage. Property value £325k, I want to borrow 132K. I purchased the property four years ago for £157,000 and I currently owe 165k to Platform
As contractor looking for a mortgage with Platform will they want to assess my experience, my history of contracting, the length of my current contract and the likelihood of it being renewed? If so I will start to get the paperwork together.
Myself and my husband are currently about to apply for a mortgage with Platform. Next month I commence working as a contractor. My husband is full time employed and so does have a healthy income. Is it going to be a case of just getting a non-contractor mortgage with Platform in my husband’s name only?
I am finding the process of looking for a contractor mortgage extremely frustrating. I can't seem to find any lenders who really understand my situation and the peculiarities of being a contractor. Are there any mortgage underwriters who apply a common sense to ensure getting a contractor mortgage is as straightforward as possible.
My research online indicates that banks and building societies generally consider contractors as high risk applicants; so demand 3 years’ accounts to validate 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 remove the hassle by making use of the expertise and contacts they have built up.
The content set out above covers to properties in England and Wales.
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