6 reasons to use Foundation for contractors
- No minimum income requirement for any type of Contractor, regardless of industry
- For Day Rate Contractors, income calculated at day rate x 5 x 46
- For the Construction Industry (CIS) specifically, contractors can be viewed as PAYE, and average gross pay from the last 3 months payslips annualised as evidence of basic salary or Self-employed using 2 years SA302’s
- So only 3 months employment history in their current CIS role required for CIS movers/re-mortgagers
- 6 months employment track record only required for CIS First Time Buyers
- Other contractors (non-CIS) day 1 accepted with industry experience if 3 months left on their current contract, or proof of renewal at time of offer
Foundation accept a wide range of additional income sources that many lenders won’t consider
