Contractor

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

For those working on a contractor basis, this mortgage is available for applicants with less than 2 years continuous contracting history.

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

Available to First Time Buyers.

For joint applications where one applicant is a contractor with less than 2 years continuous contracting history, the case must be placed on our contractor range, except where the other applicant is Self Employed (previous/current homeowner or FTB) with 1 year accounts, in which case the case must be placed on our Self-Employed range. 

Product Criteria

Day Rate Contractors

• Applicants must have 2 years’ employment history and a minimum of 3 months contract history
• Day one contractors considered on a discretionary basis with a minimum of 1 years work experience in their contracting sector
• 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: £100,000.
• Maximum loan size: £3,000,000 up to 80% LTV, £1,000,000 up to 90% LTV. 

Zero Hour Contractors

• Primary and secondary applicants are allowable with a minimum of 1 year working experience in a similar industry
• 75% of a secondary borrower income considered on a discretionary basis for zero/temporary contractors with less than 12 months working experience but more than 9 months work history

Construction Industry Scheme (CIS) Contractors

• Minimum 1 years work experience in a similar industry
• Applicants must have a minimum of 3 months CIS experience If eligible for standard range, CV or income evidence showing 2 years continuous contracting history

Income documents required:

Day Rate Contractors

• Current contract
• Last 1 months’ invoices
• Last 1 months’ bank statements showing invoice credits
• CV outlining previous employment history

Zero Hour Contractors

• Latest P60's
• Last 3 months payslips
• If eligible for standard range, CV or income evidence showing 1 years continuous contracting history

Construction Industry Scheme (CIS) Contractors

• 3 months CIS payslips
• 3 months bank statements
• If eligible for standard range, CV or income evidence showing 1 years continuous contracting history