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MetroBank Mortgages- anyone got one as a Contractor?

6 replies

dottypencilcase · 21/04/2022 13:25

My husband is in a niche field working as a contractor. All the traditional banks have been a nightmare I'm willing to lend to us. We're going to try the Metro Bank (through a Broker)- anyone got a mortgage through them? We've had so many MIPs from so many lenders but at the underwriting stage, they raise so many issues. Hoping we get through with this bank. Looking for reassurance.

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dottypencilcase · 21/04/2022 13:29

Nightmare in** willing to

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dottypencilcase · 21/04/2022 16:40

Bump

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MrsMAC1234 · 21/04/2022 19:51

Did you use a broker?

We used one having never done before and he was amazing at finding us a mortgage.

123sunshine · 22/04/2022 05:59

Their lending criteria for contractors is below, copied from their website. As with any other lender you need to meet their lending criteria. There are a number of lenders that are contractor friendly, obviously depends on the rates etc whether attractive to you:-

Contractors - Self Employed/Temporary/Fixed Term
Accepted. Minimum 3 month current contract and history of contracts of at least 12 months required with no more than 6 weeks of gaps in contracts. Contracts must have a start and end date. If current contract is nearing its end we may require evidence that it has been renewed. Income calculated as a daily rate over a maximum of 46 weeks based on 5 day working week (unless the contract restricts the applicant to less than this). We require evidence of the current contract, 12 months contract history and 3 months Bank statements showing receipt of contract income at level keyed. A 12 month history is not required for applicants who can evidence 24 months continuous history working within the same industry as evidenced by P60’s.
Temporary and fixed contract accepted where income can be evidenced over a 24 month period in the same industry. Income will be assessed as guaranteed income (hourly/ daily rate multiplied by guaranteed hours/ days). We require evidence of current contract, 12 months contract history and 3 months Bank statements showing receipt of contract income at level keyed. Where applicant does not have a 12 month contract history please provide last 2 P60s showing continuous employment in the same industry.

Ribb · 22/04/2022 23:04

Halifax offer good contractor mortgages. That's who mine is with as well a fee other contractor friends. Good luck

dottypencilcase · 25/04/2022 20:04

Thank you all.

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