We can accept self-employed contractors, including Fixed-term contractors and Zero-hour contracts.
This section is specifically for day rate professional contractors that meet the requirements to be assessed on an adjusted employed basis - contractors that don’t meet the requirements below will be considered as self-employed
Requirements:
- Contractor invoices client via limited company
- The limited company has only one contract in place
- The limited company does not employ anyone other than the customer themselves NOTE: even if customer employs spouse, this must be submitted as a self-employed application
- The customer is 100% owner of the limited company (sole shareholder)
- The customer’s current contract equates to at least £218 per day or £50,000 per year (gross)
- Mortgage Loan-to-Value is ≤ 85%
Remaining contract
We require at least 12 months continuous employment and:
- A minimum of 3 months of the contract remaining at the date of application, OR
- Evidence of the new contract, OR
- The customer must be able to evidence 2 years continuous service in the same type of employment.
Affordability
Enter application as “Employed”, and enter salary as day rate multiple by 5 days, multiplied by number of weeks a year the customer works (up to a maximum of 48 weeks).
In addition to the customer’s personal credit commitment, any credit commitments the company has will need to be entered as the customer’s personal credit commitments.
Documents
- Copy of current contract
- IF current contract covers less than 12 months, THEN copy of previous contract
- IF time remaining on contract is LESS THAN 3 MONTHS, THEN copy of ONWARD contract, OR proof of 2 years’ continuous service in the same type of employment
- Latest 3 full month’s consecutive personal/business bank statements confirming receipt of income