Scottish Widows: Simplified Mortgage Solution for Contractors
Scottish Widows is a well-known UK company that offers different types of mortgages. They offer specialised mortgage solutions for contractors, acknowledging their unique income patterns. Scottish Widows looks at various ways you earn money, like daily rates and contract work, to help you get a mortgage. They aim to make the process easier and more fitting for contractors, supporting you in finding a mortgage that works with your financial situation.
We work with more than 120 mortgage lenders, including:
Why Scottish Widows is The Best Choice For Contractors
Scottish Widows stands out as the best choice for contractors due to their flexible and understanding approach to mortgage lending. They recognize that contractors often have varied and irregular income streams, so they assess income based on a range of factors, including day rates and contract earnings. This adaptability allows Scottish Widows to offer mortgages that truly reflect a contractor’s financial situation. Additionally, their supportive stance on credit history and straightforward documentation requirements make the process smoother and more accessible. By providing tailored mortgage solutions, Scottish Widows ensures that contractors can secure a mortgage that aligns with their unique needs and financial circumstances.
Curious About How Much You Can Borrow?
Find out in seconds! Use our quick and easy mortgage calculators to see how much you could borrow based on your day rate. Keep in mind, this is just an estimate – for a free, personalised recommendation, contact us today!
We partner with banks and underwriters to navigate the complex landscape of contracting and simplify the process of using contract earnings alone for affordability assessments.
In today’s fluctuating housing market, understanding how much you can borrow is crucial. As a local mortgage broker in Watford, we provide expert advice to help you navigate this unpredictability. Whether you’re a first-time buyer in Watford, looking for a buy-to-let mortgage, or considering remortgaging in Watford, we ensure you secure the best possible deal.
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Essential Checklist for Securing a Scottish Widows Contractor Mortgage
If Scottish Widows seems like a good fit, we at contractor mortgage solutions can help with your application. Here’s what you need to know:
Contract Requirements
Applicants need at least 12 months of experience in the same field and a minimum of 6 months remaining on their current contract. Scottish Widows also requires a minimum daily contract rate of £500 or a yearly income of £75,000.
Income and Currency
Income is assessed based on a 46-week period, and all transactions must be in domestic currency.
Documentation for Limited Company Contractors
Provide copies of all active contracts, and submit the most recent 3 months of personal and business bank statements.
Documentation For Umbrella Contractors
Submit personal bank statements, the latest 3 months of pay slips, and copies of current contracts.
Documentation for Payee Contractors
Provide 3 months payslips and personal bank statements.
Contracts Gaps and Earnings
Be prepared to explain any gaps in your contracting history, as they may impact your application.
By meeting these criteria, you can benefit from Scottish Widows quick processing times and secure the mortgage you need.
Partnering with Scottish Widows for Seamless Contractor Mortgages
We work closely with Scottish Widows senior underwriters to make your mortgage application fast and easy. Our experience helps us submit your application quickly and correctly, often getting you a mortgage in principle within 24 hours. The full application usually takes about three days, with completion in 2 to 4 weeks. Scottish Widows understands the contracting lifestyle and offers flexible options. If you’re worried about how a lender will view your income, our friendly team is here to help and guide you through the process.
Compare & Find the Right Mortgage for You
Don’t settle for less—explore, compare, and secure the best mortgage deal tailored to your needs.
Mortgage Comparison
Find the Right Mortgage in Minutes
Finding the right mortgage can be overwhelming, but we make it simple. Our mortgage comparison tool lets you explore options from top lenders, ensuring you get the best deal for your situation. Whether you’re a contractor, self-employed, or a first-time buyer, you can compare interest rates, loan terms, and monthly payments all in one place. Get a clear breakdown of costs and repayment terms before making your decision. With tailored solutions for contractors, securing the right mortgage has never been easier.
Mortgage Quote
Personalized Mortgage Quote, Instantly
Want to know how much you can borrow and at what rate? Our mortgage quote tool gives you a quick, no-obligation estimate based on your income and financial profile. We specialize in contractor mortgages, ensuring you get access to exclusive rates designed for self-employed professionals.
With no impact on your credit score, you can explore your mortgage options with confidence. Get a personalized quote in minutes and take the next step toward securing your dream home.
FAQ’S
How does Scottish Widows assess credit history for contractors?
Scottish Widows has a stringent credit policy, requiring that applicants have no history of inadequate repayments in the past 6 years. This strict approach helps ensure that the applicants have a reliable credit history.
How is income calculated for a Scottish Widows contractor mortgage?
Scottish Widows calculates income based on a 46-week period, which helps smooth out variations in contracting earnings. This method provides a more accurate picture of a contractor’s financial stability.
What is the minimum income requirement for Scottish Widows contractor mortgages?
Contractors need to have a minimum contract day rate of £500 or a yearly income of £75,000 to qualify for a mortgage with Scottish Widows. This requirement ensures that applicants have a stable and sufficient income level.
How does Scottish Widows handle applications from contractors with less traditional income?
Scottish Widows accommodates various forms of income and evaluates them based on a 46-week period, helping to provide a comprehensive view of your financial situation. This flexibility allows contractors with less traditional income sources to apply and potentially qualify for a mortgage.
What happens if I don’t meet the strict credit or income requirements?
If you don’t meet the specific credit or income requirements, Scottish Widows may not be able to approve your application. However, they provide feedback on why your application was declined and offer guidance on how to improve your chances with other lenders or future applications.