Virgin Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Virgin offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Virgin and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have been dealing with a broker regarding my remortgage because I am on a fixed term contract of four years (a media contractor). My contract started date this year. I am seeking a five year fixed rate deal. Property worth £200,000, I want to borrow £150,000. I purchased the property three years ago for 138K and I currently owe 165k to Virgin
in the throws of proceeding through the contractor mortgage process to move to a buy to let with a new bank. All documents done and sent. Received communication from the lender to say they can't move ahead with process unless my current manager writes me a letter saying my contract will definitely be prolonged and when new end date will be. Any advice?
Myself and my fiance are currently about to apply for our first mortgage with Virgin. However, after studying, I've just this month started working as a contractor, although I'm yet to register etc with HMRC. My fiance is full time employed by the NHS as a doctor, and so does have a good salaryfor us to put forward. I was hoping to get some advice on how my contractor status will affect us getting an application approved please?
My existing mortgage lender had given us consent to let. My situation changed last year, I started my own company and started working as a contractor. Are you able to recommend a lender who specialises in contractor mortgages?
My research online indicates that mortgage lenders in the main consider 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 give an accurate picture of my income potential. Will a broker specialising in contractor mortgages remove the hassle by maximising use of the expertise and contacts they have established.
The above information is in relation to properties in England and Wales.
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