The Mortgage Works Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether The Mortgage Works offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about The Mortgage Works and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am looking for some mortgage advice. I am currently a media contractor, 18 months into a 2 contract. However, I'm unlikely to be moved onto a permanent contract until around June time. My query is, will The Mortgage Works even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
Do any sections of the CML Lender's Handbook set out the requirements for The Mortgage Works when it comes to contractor mortgages or self-employed mortgages.
As contractor looking for a mortgage with The Mortgage Works 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.
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 finacial contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as The Mortgage Works to offer funds on the more realistic basis of my contracted rate.
Could a contractor mortgage with The Mortgage Works be a better option for me than a traditional The Mortgage Works mortgage ?
The content set out above is in relation to properties in England and Wales.
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