Contractors
Additional Information
If you are employed on a contract obtaining a mortgage is still possible. This includes individuals who are self-employed and pay their own tax, those who are employed via an umbrella company who deduct tax and people who are employed on a fixed or short-term contract
Some lenders will consider your day rate and multiply it by five days a week and apply various number of weeks per year depending on which lender
· Lenders will look at length of time in current contract
· Previous contract experience & employment history
· Industry type
· Income level
· Length of gaps between contracts
CIS contractors can be considered
Applications from customers employed on a Construction Industry Scheme (CIS) Contract will be considered. Income should be evidenced using the latest 3 months consecutive payslips/invoices/statement along with corresponding bank statements.
Zero Hours Contracts
Applications from customers employed on a zero hours contract for over 12 months will be considered. Proof of all income in the last 12 months is required and that total income figure will be used.
