Contractor

Available for individuals who are working on a contract basis, Saffron takes into account the contractor’s circumstances and income structure.

We recognise that contractors may struggle with standard mortgage applications however Saffron takes a more pragmatic approach; actually understanding contractors financial situations and the specific requirements from a mortgage that this will produce.

Available to First Time Buyers.

Product Criteria

• Evidence of existing or new contract required
• All types of contract considered
• Applicants must have 2 years’ experience within the same industry
• Income calculated as Daily Rate x 5 x 48
• Minimum age 21
• Minimum term 5 years
• Interest only or repayment
• Interest only to 70% max LTV and subject to an acceptable repayment strategy
• Minimum loan size: £30,000. Maximum loan size: £1,000,000 up to 80% LTV or £500,000 above 80% LTV. Loans over this are priced on a bespoke basis and have restricted LTV’s

Income documents required:

• Current and previous contract
• Last 3 months’ invoices
• Last 3 months’ bank statements showing invoice credits
• CV outlining previous employment history (2 years in the same industry required)

Capital Repayment incentive (not applicable on fixed rates)

• Borrowers can repay capital at any time and reduce the mortgage interest rate if they move into a lower LTV band, with no additional fee
• LTV is always based on the original property value when the mortgage was taken out
• Borrowers will never be required to move up to a higher rate