State Bank of India UK Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether State Bank of India UK offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about State Bank of India UK and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
Does the CML Lender's Handbook set out the requirements for State Bank of India UK when it comes to contractor mortgages or self-employed mortgages.
As contractor looking for a mortgage with State Bank of India UK 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 understand that for some mortgage companies ‘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 State Bank of India UK
My research online indicates that banks and building societies generally view contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by making use of the expertise and contacts they have built up.
I have no idea if State Bank of India UK are in the business of issuing contractor mortgages but in the event that they do how does a State Bank of India UK contractor mortgage differ from a standard home loan?
The above information is in relation to properties in England and Wales.
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