Day one professional contractors are up our street

Miss D has been a working IT consultant for a number of years, and started to contract for the past six months. She is currently six months into a nine month contract, with work lined up for the later part of the year. 

Her broker was looking for a lender who would use the contract value rather than six months’ worth of self-employed income based on accounts. This is where we came in. 

The breakdown:

  1. Is the applicant a professional? Yes, Miss D has been an IT professional for a number of years and therefore, has a track record of employment within the field. 
  2. Does the applicant have a recorded two year contracting history? No, however, unlike some lenders this isn’t a problem as we can use Miss Ds’ first contract providing there is prior experience in her industry – which there is. We also took her daily rate and assumed a five day working week and a 48 week working year (to pre-empt holiday and time-off) to assess income and affordability. 
  3. Are there any employment gaps? No as Miss D finished full-time employment and moved to contracting within one month. Usually, we would like to see no more than three months break between contracts.
  4. Are there any future contracts confirmed? Yes, not only does Miss D have three months left on her current contract, she has future work lined-up. 

So, did we help Miss D obtain a mortgage?

We were happy to lend to Miss D as her income from contracting was expected to be higher and we felt comfortable she would be able to make the monthly repayments.

Whether your client is contracting as a doctor, accountant, architect, teacher/lecturer, or as a social media consultant, we can help turn around what might seem like a complex and daunting case, with ease.

Don’t forget:

  • No credit scoring 
  • Individual underwriting 
  • Shared Ownership and Help to Buy Equity Loan across England and Wales
  • A dedicated help desk
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