Applications for clients defined as ‘Contractors’, as defined below, only accepted from accredited firms. To become accredited, please contact your Development Manager.
Applicants currently employed on a fixed term contract will be considered where they have a continual 12 months contracting history in the same discipline (eg Information Technology).
The applicant’s gross annual income must exceed £50,000. This should be calculated by using the average gross day rate received over the last 12 months and multiplying this by the number of days contracted in the last 12 months, up to a maximum of 46 weeks (230 working days).
The applicant must evidence that they have the ability and/or skills to re-contract within their discipline. Specifically, the period between contract(s) must not exceed 6 weeks in each instance. The Society will require evidence of the last 12 months contracts, which should show that the applicant has been able to re-contract, and the applicant’s Curriculum Vitae, along with the last 3 months business bank statements. These items should be provided in line with requirements on the Minimum Submissions form – Contractor section.
Upon submission of the decision in principle the Society must be made aware of the applicant’s contracting status and all income provided in line with the calculations outlined in this guidance.
When submitting applications under this criteria, applicant/s employment status should be defined as ‘Self-Employed’ and highlighted as ‘Contractor’ in the additional notes section.
Applications will be considered up to a maximum of 85%, subject to Society criteria. Care should be taken to consider the ‘Contractor’ guidance alongside other criteria (eg property, affordability etc).
For more information on professional contractor mortgages please see our mortgages for professional contractors pdf.