Virgin Contractor Mortgages - Help and FAQs

I am seeking some mortgage advice. I am currently a media contractor, 12 months into a two contract. However, I'm unlikely to be moved onto a permanent contract until around March time. So I suppose my question is, will Virgin even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?

I’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 85k contractor mortgage with a lender such as Virgin?

What criteria does a mortgage lender (for example Virgin) use to class someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a business?

I am finding the process of looking for a contractor mortgage very frustrating. There doesn't seem to be many 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 am lead to believe that mortgage lenders mostly consider contractors as high risk applicants; so demand 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 broker specialising in contractor mortgages utilise bespoke underwriting with lenders such as Virgin.