This is a growing segment, with over 1.8m self-employed contractors in the market. Our criteria means we could help you to cater for these clients.

Following the launch of our contractor policy, we spoke to CMME Mortgages, who helped us develop the policy, to talk about why, one year after the policy was launched, they felt it still worked well for self-employed contractors.

Our criteria

We will assess self-employed contractors using their daily contract rate x 5 days x 48 weeks. Where there are gaps in the employment history, income will be calculated pro rata (e.g. 8 week gap: income= 5 days x 40 weeks). When completing the application on our eMortgages system, you will need to enter your client's daily rate x 5 x 48 weeks as employed income rather than self-employed income.

Your clients must meet the following criteria:

  • minimum of 2 years' experience in their chosen profession
  • minimum of 1 years' contract history
  • minimum income (using daily rate) of £50,000
  • minimum 3 months remaining on current contract

Your clients must provide the following

  • a CV to confirm 2 years' experience
  • copy of previous contract(s) (covering a minimum of 1 year)
  • latest month's personal or business bank statements
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