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’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 95k contractor mortgage with a lender such as Reliance Bank?
What criteria does a mortgage lender (for example Reliance Bank) adopt to categorise someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?
Me and and my wife are soon to submit for our first mortgage application with Reliance Bank. Later this year I start working as a contractor. My wife is time employed as a lawyer and does have a six figure salary. Is it going to be a case of just getting a non-contractor mortgage with Reliance Bank in my wife’s name alone?
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.
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 broker specialising in contractor mortgages remove the hassle by making use of the expertise and contacts they have established.
The content set out above covers to properties in England and Wales.
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