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.
For joint applications where one applicant is a contractor, 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 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: £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
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