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Contractor

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

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.

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 contacting 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: £30,000. Maximum loan size: £3,000,000 up to 80% LTV or £1,000,000 above 80% LTV. Loans over this are priced on a bespoke basis and have restricted LTVs 

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 

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

Construction Industry Scheme (CIS) Contractors

  • 3 months CIS payslips
  • 3 months bank statements
     

Contractor

Contractor 90% LTV Five Year Fixed Rate Mortgage

Initial rate

5.37% (fixed)

Then reverting to our SVR minus 1.00%

7.79%

Product period

5 Years

Arrangement fee

£999

LTV rate

90.00%

APRC

7.00% APRC

Contractor 90% LTV Two Year Fixed Rate Mortgage

Initial rate

6.27% (fixed)

Then reverting to our SVR minus 1.00%

7.79%

Product period

Two years

Arrangement fee

£999

LTV rate

90.00%

APRC

7.80% APRC

Contractor 80% LTV Two Year Discount Mortgage

Initial rate

6.09% (variable)

Then reverting to our SVR minus 1.00%

7.79%

Product period

Two years

Arrangement fee

£499

LTV rate

80.00%

APRC

7.70% APRC

Contractor 80% LTV Two Year Fixed Rate Mortgage

Initial rate

6.07% (fixed)

Then reverting to our SVR minus 1.00%

7.79%

Product period

Two years

Arrangement fee

£999

LTV rate

80.00%

APRC

7.80% APRC

Contractor 80% LTV Five Year Fixed Mortgage

Initial rate

5.17% (fixed)

Then reverting to our SVR minus 1.00%

7.79%

Product period

5 Years

Arrangement fee

£999

LTV rate

80.00%

APRC

7.00% APRC

Contractor 60% LTV Two Year Discount Mortgage

Initial rate

5.99% (variable)

Then reverting to our SVR minus 1.00%

7.79%

Product period

Two years

Arrangement fee

£499

LTV rate

60.00%

APRC

7.70% APRC

Contractor 90% LTV Two Year Discount Mortgage

Initial rate

6.79% (variable)

Then reverting to our SVR minus 1.00%

7.79%

Product period

Two years

Arrangement fee

£499

LTV rate

90.00%

APRC

7.90% APRC

Your home may be repossessed if you do not keep up payments on your mortgage