Sainsbury's Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Sainsbury's Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Sainsbury's 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 retained a broker concerning my remortgage because I am on a fixed term contract of four years (an IT contractor). My contract started date this year. I am looking for a three year fixed rate mortgage. Property worth £200,000, I want to borrow £150,000. I purchased the property four years ago for £220,500 and I currently owe 165k to Sainsbury's Bank
Do any sections of the CML Lender's Handbook stipulate the requirements for Sainsbury's Bank when it comes to contractor mortgages or self-employed mortgages.
What criteria does a mortgage lender (for example Sainsbury's Bank) use to class a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
As contractor looking for a mortgage with Sainsbury's 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.
As a contractor (HR consultant) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do Sainsbury's Bank even grant mortgages to contactors ?
The above information covers to properties in England and Wales.
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