Woolwich contractor mortgages are backed by one of the largest banks in the UK, Barclays. They were once, one of the preferred destinations for mortgage products for contractors.
However, after the credit crisis, their lending criteria has become more stringent and is less flexible compared to other contractor friendly mortgage lenders.
They assess contractors' income through payslips and P60s or limited company trading accounts. If a contractor is trading through an umbrella company then, the mortgage application may not move ahead of the underwriting stage as underwriters will not be able to figure out a contractors' income or actual mortgage affordability just on the basis of payslips.
At the same time, it won't be easy for a limited company contractor to prove it either through salary and dividends; making it difficult to secure a mortgage for both types of contractors.
There's no doubt that, they have good mortgage products to offer and have a wider range, but for contractors; their biggest challenge is their Woolwich's mortgage lending criteria.
Our team of brokers have been working hard with Woolwich (Barclays) and their team of underwriters to negotiate new lending terms which would make it easy for contractors to secure a mortgage through them. However, it is still work in progress.
Having said that, we work with a wide range of contractor friendly mortgage lenders with whom, there's still an opportunity of securing a contractor mortgage with up to 90% Loan to Value (LTV). They are willing to lend to contractors based on annualised multiple of the contract rate alone. Not only that, we work with mortgage lenders who are very flexible in their lending criteria and offer great interest rates. Please get in touch with us with your requirements and we will help you secure best possible mortgage deal in the market.
Our team of mortgage brokers and advisors have helped thousands of contractors secure a mortgage, and that too with ease. We work with a network of reputed contractor mortgage brokers who have negotiated unique and exclusive mortgage deals with a wide range of mortgage lenders.