Nationwide

Nationwide are the largest building society and one of the best-known names in High Street banking. They are a lender who has previously recognised that contractors are low risk when it comes to mortgage funding, and as a result, they offered bespoke contract-based underwriting.

While these arrangements came to an end with the credit crisis in 2008, when lenders were looking to standardise and streamline their underwriting, CMME agreed contractor specific criteria in 2014 to enable both umbrella and self-employed contractors to access Nationwide’s rates.

For those contractors utilising their own limited company, income can either be verified by way of accountant’s reference, or by using contract rate. One of the strengths of this lender is where trading income has dropped in the most recent year, Nationwide will accommodate this and work on the latest year salary and dividends, rather than declining outright, which is the standard position of most of their competitors.

Nationwide have strongly supported the contractor market since we reached our agreement in 2014 and have also carried over this bespoke criteria to their sister brand, The Mortgage Works (TMW), who specialise in providing mortgage finance on buy to let investment properties.