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Clydesdale Bank for Intermediaries has made changes to its contactor policy making it easier to qualify for a mortgage. 

The bank is now considering applications from self-employed contractors working in any sector, subject to a minimum income of £50,000 per annum. 
 
The income is calculated by the current contract × 46 weeks and applicants with more than one-year contractor experience are acceptable when they have a five per cent deposit. They must have had their contract renewed at least once. 
 
Contractors with less than one-year contractor experience are acceptable providing they have a 30 per cent deposit. 

Experience in their field of expertise 

All contractors must have a minimum period of two years’ experience whether as an employee or contractor - and this must have been in same the industry. 
 
Clydesdale Bank will accept applications from contractors where there has been a maximum gap of six weeks between contracts. If there is more than a six-week gap, the application will need to be agreed in advance by our contact at the bank prior to submission.  

How many lenders offer Contractor mortgages? 

Trinity’s brokers have access to a host of lenders offering generous contractor mortgages. 

One of the largest banks has a great policy for IT contractors on any income and other contractors whose income is more than £500 per day or £75,000 per annum. Whether employed or self-employed, the lender accepts the gross value of the contract as evidence of income.  

Aaron Strutt, product director at Trinity Financial, says "All applicants must have current continuous employment of 12 months or more with six months of the contract remaining or two years continuous service in the same type of employment. 

"The borrower will be treated as self-employed if they have more than one contract, or where they have set up a limited company and employ other contractors."

Are the rates well priced? 

The majority of banks and building societies do not charge a premium for contractor mortgages and the rates are same for employed people. 

The lenders are offering their cheapest ever rates and there is a huge choice of two, three, five and ten-year fixed mortgages. 

Our "mortgage of the week" is an incredibly cheap 1.19% two-year fix available for purchases and remortgages. 

Call Trinity Financial on 020 7016 0790 to secure a contractor mortgage or book a consultation 

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