Contractor mortgages from Skipton Building Society.
If you are searching for a contractor mortgage, Deal Direct can help you compare what’s available from an increasing number of lenders.
One of these lenders is Skipton Building Society.
Skipton acknowledges that applications for lending received from contractors do not automatically fall into the higher risk category. As a result, the approach they take in considering borrowers who work for themselves has softened as the lender has gained more experience in this niche sector.
What criteria do they use?
If you are in the position of having a minimal salary and dividend drawing for tax purposes, you may want to use your gross contract value to demonstrate your income.
In this case, Skipton stipulate that the applicant must have been contracting for a minimum of 2 years, plus they must have at least 3 months left on the contract. If not, Skipton requires evidence of an extension or contract renewal or new contract after the expiration date of the existing contract. Continuity must be demonstrated in order for the underwriters to approve the loan.
Despite these stipulations, Skipton is more flexible than most as they do underwrite on a case by case basis. Any variation from their standard lending conditions will be considered by one of their underwriters. This is where having your application come via us at Deal Direct can be of great benefit.
We know the lenders. We know how they work and what they look for in an application. Consequently, we can advise you from the outset how to present your application and make approval and easy ‘yes’ from the underwriters.
For further information on the contractor mortgages available from Skipton – or any other UK lender – contact Deal Direct.