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Lending criteria

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Day rate contractors income

Day rate contractors are acceptable for lending purposes if the following criteria is met:

  • Contracts must relate solely to the applicant
  • Up to 2 contracts can be considered subject to sustainability
  • Minimum 6 months track record of contract work
  • A maximum of 46 weeks income used from the current contract
  • Minimum income £300 per day or £50,000 per year

Please note umbrella company deductions will need to be taken into account when calculating affordability.
 

  Evidence Required
  • Current and previous contract (s) covering at least 6 months.
  • If no previous contract is available and current contract started less than 12 months ago, previous industry experience and pay should be evidenced via P60’s/ employment contract.
  • If less than 2 months remaining on current contract, evidence of contract extension or new contract is required.