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 been dealing with a broker regarding my remortgage because I am on a fixed term contract of 3 years (on a grad scheme). My contract started date earlier this year. I am seeking a three year fixed rate mortgage. Property worth £325k, I want to borrow 132K. I purchased the property four years ago for £220,500 and I currently owe 115k to Sainsbury's Bank
What criteria does a mortgage lender (for example Sainsbury's Bank) use to class someone as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
As 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 Sainsbury's Bank even grant mortgages to contactors ?
Is it correct that Sainsbury's Bank quote higher interest rates in respect of mortgages for contractors?
Could a contractor mortgage with Sainsbury's Bank be a better option for me than a traditional Sainsbury's Bank mortgage ?
The content set out above is in relation to properties in England and Wales.
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