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.
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 6 months contract history
- minimum income (using daily rate) of £50,000
- minimum 1 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
- copy of current contract