Day rate contractor income

Day rate contractors are acceptable for lending purposes if the following criteria are 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 annum.

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

Gaps of up to 8 weeks are considered standard, while longer gaps are assessed on an individual basis.