Reliance Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Reliance Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Reliance Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have been dealing with a mortgage adviser concerning my remortgage because I am on a fixed term contract of two years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract started date earlier this year. I am seeking a five year fixed rate deal. Property value £200,000, I want to borrow 132K. I bought the property four years ago for £220,500 and I currently owe 115k to Reliance Bank
As contractor looking for a mortgage with Reliance Bank 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.
I am well aware that the days of self-certification contractor mortgages are a thing of the past. Are there any lenders that take the same approach to mortgages for contractors as they do for standard home loan applications. I am particularly interested in a mortgage deal with Reliance Bank
I am lead to believe that mortgage lenders generally consider contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused mortgage broker utilise bespoke underwriting with lenders such as Reliance Bank.
Could a contractor mortgage with Reliance Bank be a better option for me than a traditional Reliance Bank mortgage ?
The above information is in relation to properties in England and Wales.
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