Furness Building Society contractor mortgage lending criteria
Contractor work history
Any professional, fixed-term contractor applying to Furness must have at least two years’ experience in their chosen profession. As a leading contractor-friendly lender, Furness offers its lending criteria to contractors in ‘professional’ occupations: doctors, solicitors, teachers, etc.
The building society can accommodate current contracts that don’t have at least six months remaining on them. However, they should come with employer confirmation that the contract will be renewed for at least another six months.
If the contractor is new to the role, their contract at time of application must be for at least 12 months. If the contractor has worked in the role for a time, their employer must have renewed their contract at least once. In either instance, the contract should have at least six months left to run.
What documentation is required?
The contractor must provide documentation (e.g., a CV) supporting their last two years’ work history. This work history must be in a similar role to the one they’re working at time of application.
Where applicable, the contractor must provide copies of their last two years’ contracts. These cannot show any significant gaps between each contract.
Furness will accommodate contractors newer to contracting if they’ve worked PAYE within the last two years. If that’s the case, the contractor must provide a reference from that previous employer.
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Furness Building Society affordability assessment
Furness uses an industry-standard affordability calculation to work out baseline annualised income:
- Day rate (£) × 5 (days worked per week) × 46 (weeks worked per year)
Underwriters will then use that annualised figure against their standard multiplier to derive the contractor’s full mortgage potential.
No matter what that figure is, the maximum LTV Furness offers contractors is 80%. That means any contractor applying to Furness must raise at least 20% deposit.
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Talk to the contractor mortgage experts
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We are a 100% independent mortgage and protection broker with access to every mortgage from every lender. That means we can offer truly unbiased advice and find you the best deal for your unique circumstances.
Established in 2004, we have a proven track record of arranging over 30,000 mortgages for contractors. This includes umbrella company workers, LTD contractors, CIS subcontractors and the self-employed.
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Furness in a nutshell
If you’re a time-honoured contractor in a professional industry with 20% deposit/equity, Furness can work with you.
If you’re newer to contracting, make sure you can provide evidence and references from your PAYE working days.
To begin your enquiry, talk to our experienced advisors today.
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