Clydesdale improves its contractor mortgage policy
Clydesdale Bank has made some positive changes to its contractor policy following a review of its acceptance criteria.
The bank will now accept applications from contractors working in any sector providing they have a minimum income of £50,000. To qualify, they will want to see evidence of current and previous contracts covering the most recent 12 month period.
They will also ask for three months business and personal bank statements, plus a copy of your CV.
Clydesdale Bank will use the income calculation of 46 weeks multiplied by average of current and previous contracts covering the most recent 12 month period.
Aaron Strutt, product manager at Trinity Financial, says: “If you have been contracting less than two years, then subject to two years industry experience in the sector, the lender will take an average of the last P60 figure and the current contract rate, again at 46 weeks. The contract must have been renewed at least once and the maximum loan-to-value of 70%.”
Trinity has access to a host of lenders offering contractor mortgages and some of them have more lenient acceptance criteria than others.
For help to secure a contractor mortgage call Trinity on 020 7016 0790.
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