Virgin Money offering IT Contractor mortgages
Virgin Money for Intermediaries is one of the lenders happy to accept contractors as employed applicants for income and affordability purposes, providing they can meet some specific criteria.
Borrowers on a 12 month contract must have at least six months remaining or be able to a new or renewed 12 month contract.
Virgin would like to see previous contracts to show continuous employment and applications with a gap of more than two months between jobs may not be accepted.
For borrowers on a six month contract, there must be at least three months remaining, or evidence of a new or renewed six month contract.
Aaron Strutt, product manager at Trinity Financial, says: â€œThe lenders criteria states that the affordability must be based on the lower of the value of the contract or what has been paid to the customer. They may well ask for six months bank statements to be provided as part of the application.â€
If you're a contractor and you would like help to secure a mortgage, call us on 020 7016 0790.
January 20, 2014