Nationwide improves its contractor mortgage policy
Nationwide for Intermediaries has changed its policy for self-employed Fixed Term Contractors who've been trading for less than two years.
As a result of the change borrowers will need a minimum of 12 months history of working on a fixed term contract to qualify for a mortgage. Nationwide will accept applicants with less than 12 months contracting but they will need to have a minimum of two years remaining on their current contract.
Aaron Strutt, product manager at Trinity Financial, says: “If you are a contractor you can work out how much Nationwide will lend you, by multiplying your daily rate by the number of days a week you work, then multiplying it by 52. Nationwide will then take 80% of that figure.
“The building society does not require contractors to have a minimum income to qualify unlike some of the other lenders. They will also allow contractors to have a 12 week break between jobs.”
Trinity has access to a host of lenders offering generous contractor policies and some of them have more lenient criteria than others.
For help to secure a contractor mortgage call Trinity on 020 7016 0790.
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