More choice and flexibility for contractors
Contractors’ finances may not easily fit into the standard employed or self-employed category when it comes to applying for a mortgage.
To make this easier for you and your clients, we’ve improved our mortgage proposition and criteria to give you more choice and flexibility.
What’s changed for contractors?
- Self-employed contractors (limited company directors and sole traders with no other employees) can now choose for their affordability to be assessed on an employed basis using gross income, if that works better for them.
- We require 12 months contractor history or 24 months in the same line of work and 2 months remaining on their current contract or a renewal agreed.
- All contractors have access to our standard mortgage products, up to 95% LTV for those working via an umbrella company or a fixed-term contract, and 90% LTV for self-employed contractors.
For information on our other changes for contractors, please read our article.
Every case assessed individually
As well as making our products and criteria more contractor-friendly, all cases are assessed by dedicated underwriters, who will take each case on its merits.
Our flexible approach for contractors who are sometimes overlooked enables us to help them get the mortgage that’s right for them.
Broker guidelines for contractor cases
Find out more about our flexible approach for contractors in our broker guide.
We hope these changes will benefit your clients. If you have any questions, please contact your Business Development Manager or call the team on 0333 321 1000.