We’ve been busy reviewing our contractor and fixed term contract worker policy to find new ways in which we can support our mortgage customers. So what’s new?
Policy enhancements
12 months contracting history no longer required for customers that can evidence a 24 month continuous history working in the same industry.
Temporary/Fixed Contracts now accepted where income can be evidenced over a 24 month period in the same industry. Income will be assessed as guaranteed income as specified on the contract.
Contract policy highlights
- Current contract – minimum overall contract length of three months
- Income – calculated on daily rate x 5 days x 46 weeks unless the contract is restricted to less
- Contract value – no minimum contract value
- Industry – we will consider any profession, not just IT workers
- Contract gaps – up to 6 weeks allowed in the last 12 months
For full details on the points above, please refer to our Mortgage Lending Criteria Guide and Packaging Guide.
Contact us
Our BDM Team are here and available to help with new and existing case queries, packaging requirements and affordability assessments. Please get in touch with your BDM or call our Broker helpdesk on 020 3427 1019.
