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 am looking for some mortgage advice. I am currently an IT contractor, 12 months into a two contract. However, I'm unlikely to be moved onto a permanent contract until around June time. So I suppose my query is, will Reliance Bank even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
Does the CML Lender's Handbook set out the requirements for Reliance Bank when it comes to contractor mortgages or self-employed mortgages.
How can I make myself more attractive to a lender such as Reliance Bank when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
Notwithstanding that I am a contractor (in the Oil & Gas industry) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do Reliance Bank even grant mortgages to contactors ?
My research online indicates 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 a finacial contractor, this evidence is unlikely to reflect an accurate picture of my income potential. Will a contractor-focused IFAs utilise bespoke underwriting with lenders such as Reliance Bank.
The above information is in relation to properties in England and Wales.
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