Contractor

For those working on a contractor basis, this mortgage is available for applicants with less than 2 years continuous contracting history.
We embrace contractors and what makes their income different. Taking a pragmatic approach, we understand contractors’ financial situations and the specific requirements from a mortgage that this will produce.

Who is this product suitable for?

Contractors with less than 2 years' continuous contracting history
Existing Homeowners looking to move house or remortgage their existing property
First Time Buyers

Product Details

Fixed and Discounted options (subject to availability)
Repayment, Interest Only and Part&Part mortgages available
Maximum loan size: £3,000,000 up to 80% LTV, £1,000,000 up to 90% LTV
Income calculated as Daily Rate x 5 x 48 for day rate contractors
The latest 13 weeks' income annualised over 48 weeks for CIS contractors
For fixed term contractors with paid holiday, annualisation is over the full 12 months
Discounted Products: Unlimited overpayments are allowed without penalty
Fixed products: Overpayments of up to 10% per annum of the original loan amount are allowed without penalty

Additional Details

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
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

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
Last 13 weeks' income annualised over 48 weeks
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

Document Requirements

Day Rate Contractors

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