Skipton Building Society Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Skipton Building Society offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Skipton Building Society 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 an IFA regarding my remortgage because I am on a fixed term contract of four years (a media contractor). My contract started date earlier this year. I am seeking a five year fixed rate mortgage. Property worth 165K, I want to borrow £150,000. I purchased the property three years ago for £157,000 and I currently owe 120K to Skipton Building Society
What criteria does a mortgage lender (for example Skipton Building Society) adopt to class a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
As contractor looking for a mortgage with Skipton Building Society 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.
I am finding the process of trying to obtain a contractor mortgage extremely 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.
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 Skipton Building Society
The content set out above covers to properties in England and Wales.
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