Royal Bank of Scotland Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Royal Bank of Scotland offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Royal Bank of Scotland 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 125k contractor mortgage with a lender such as Royal Bank of Scotland?
I am finding the process of trying to obtain a contractor mortgage very 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.
Notwithstanding that I am a contractor (HR consultant) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do Royal Bank of Scotland even grant mortgages to contactors ?
I am lead to believe that mortgage lenders mostly view 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 paint an accurate picture of my income potential. Will a contractor-focused mortgage broker persuade lenders such as Royal Bank of Scotland to offer funds on the more realistic basis of my contracted rate.
Could a contractor mortgage with Royal Bank of Scotland be a better option for me than a standard Royal Bank of Scotland mortgage ?
The above information is in relation to properties in England and Wales.
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