Scottish Widows Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Scottish Widows offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Scottish Widows and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am a media contractor looking to buy a home in London. My next step is to secure a mortgage ideally with Scottish Widows. Should I contact Scottish Widows directly or seek the assistance of a contractor specialist mortgage broker who is used to dealing with contractors and Scottish Widows.
Me and and my wife are soon to submit for our first mortgage application with Scottish Widows. Later this year I start working as a contractor. My wife is time employed as a surgeon and does have a healthy income. Is it going to be a case of just getting a non-contractor mortgage with Scottish Widows in my wife’s sole name?
How can I make myself more attractive to a lender such as Scottish Widows when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
I understand that for some banks ‘contractors’ can be a red flag to their lending decision. Are there any lenders that take the same approach to mortgages for contractors as they do for standard home loan applications. In particular I have my eye on a mortgage deal with Scottish Widows
My research online suggests that banks and building societies mostly view contractors as high risk applicants; so require 3 years’ accounts to substantiate mortgage affordability. In my case as a media contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a broker specialising in contractor mortgages persuade lenders such as Scottish Widows to offer funds on the more realistic basis of my contracted rate.
The above information covers to properties in England and Wales.
Find out how to order your redemption statement request from Scottish Widows