Our criteria
Please see below our requirements if your client operates within their chosen profession as a self-employed Contractor.
If your client’s earnings are £50k and above then they must meet the following criteria:
- Minimum of 2 years’ in their chosen profession
- Minimum of 6 months contract history
- Minimum income (using daily rate) of £50,000
- Minimum of 1 month remaining on current contract.
Your clients must provide the following:
- CV to confirm 2 years' experience
- Copy of current contract, (where less than 1 month remaining evidence of new contract must be provided)
- Copy of previous contract(s) if required (must be able to evidence a minimum of 6 months contract history)
- Latest months' personal or business bank statement showing contractor income and general expenditure.
To calculate income we will use their daily contract rate x 5 x 48 (weeks) irrespective of whether operating as a Sole Trader or through a Limited company (where the applicant is the sole shareholder or shareholding is split with spouse/partner who is a party to the mortgage application).
Where there are gaps in the employment history the income may be calculated pro rata, (e.g. 8 week gap = daily rate x 5 x 40 weeks). However, one off gaps may be eligible for the standard calculation.
We will consider up to 2 contracts running concurrently equating up to a maximum of 40 hours per week.
If your client’s earnings are less than £50k then they must meet the following criteria:
- Minimum of 2 years in their chosen profession
- Minimum of 6 months contract history
- Minimum of 1 month remaining on current contract.
Your client must provide the following:
- CV to confirm 2 years' experience
- Copy of current contract, (where less than 1 month remaining evidence of new contract must be provided)
- Copy of previous contract(s) if required (must be able to evidence a minimum of 6 months contract history)
- Latest months' personal or business bank statement showing contractor income and general expenditure
- Latest months’ payslips or invoices.
To calculate income we will use the latest months’ payslips or invoices.
We will consider up to 2 contracts running concurrently equating up to a maximum of 40 hours per week.
For Locum medical professionals (including Bank Nurses), Supply Teachers and Construction Industry Scheme (CIS) workers we will require the following:
- Minimum of 2 years in their chosen profession
- Copy of current contract (where available)
- Copy of latest month’s bank statement
- Last 3 months’ payslip/invoices.
To calculate income we will use an average of the last 3 months' payments. For CIS workers, to calculate income we will use an average of the last 13 weeks' payments x 48 weeks.
There is no minimum income requirement.
Please note if the nature of the work is seasonal then evidence of the last 12 months' income may be requested to prove sustainability for affordability purposes.