Nationwide Contractor Mortgages is a great High Street lender who will accept and consider a mortgage application from both day rate contractors and hourly rate contractors and with any rate, does not have a minimum income requirement.
Whether you are a contractor operating through your limited company or through a payroll umbrella, Nationwide will take a view and consider your application.
Our mortgage brokers are very experienced and will ensure that your application is suitable for a Nationwide contractor mortgage.
The last thing you want is to submit an application and this being handled careless manner by an inexperienced mortgage broker for it to fail.
Don't take a short cut and go direct, you will not be doing yourself any favours, we are very experienced mortgage brokers who can help you get some of best interest rates with this mortgage lender.
Nationwide policy towards day rate contractors is as follows
- Nationwide applies no minimum contract rate, and will consider application from all contractors regardless of profession, on any day or hourly rate.
- Nationwide will consider day rate contractors who have been contracting for a minimum of one year, less than this will not be acceptable to Nationwide.
- Nationwide will want to see some time remaining on your contract, like 4 weeks, you do not need a lengthy time remaining, they understand that contracts are short term and do not insist on more than four weeks, if you have less than this, they will more than likely ask for an extension or new contract that you will be moving onto.
- Nationwide do not like gaps of more than 12 weeks employment history, they want you to be working consistently in the preceding 12 months, obviously, having holiday or taking a few weeks out is not an issue, saying that Nationwide are the most generous when it comes to gaps in between contracts and allow a mighty 12 weeks
- Nationwide will want an end date on your contract to ensure it complies with the “fixed term contract” policy, without the end date your assignment is not fixed term.
Nationwide will calculate your gross contract value in the following way:
- Nationwide tend to take your day rate then multiply by 5 days then multiply this by 52 weeks then utilising 80% of this value to reach your gross contract value.
- They will not utilise the average of the previous year to reach an average day rate.
- For example, if on a day rate or hourly rate
- £350 per day x 5 days x 52 weeks x .80 = £72,800 gross contract value
- £42 per hour x (number of hours stipulated or 37.5 hours default) x 52 weeks x .80 = £65,520 gross contract value
In order to package your application, we will require
- Proof of ID such as Passport or DVLA Licence
- Proof of Address such as Utility Bill or Council Tax Bill
- Current Contract with the Terms and Conditions, needs to be signed and dated
- Up to date CV to enable us to demonstrate that you have an excellent track work record
- 3 months personal and business bank statements
- If purchasing, then we will require proof of deposit or a gifted deposit letter and requirements if this is being gifted, we will provide you with the template for the letter required.
Having all your documents upfront helps us present your contractor mortgage application to Nationwide in a well presented fashion to ensure a quick and speedy positive decision.
We have a very strong relationship with Nationwide, don't risk or take chances with your application, we are here to help.