August 26th, 2015
Contractor friendly lender Clydesdale Bank has this week reduced its minimum income level for those proving income from their day rate.
Previously, a minimum annualised rate of £75,000 was required, meaning those working from day rates needed a minimum of £327 per day in order to access Clydesdale’s bespoke contractor underwriting.
Now, they have reduced that requirement to £50,000, meaning contractors earning £218 per day can now utilise the products on offer by the bank.
“Clydesdale Bank has long been a lender who we have worked closely with, largely because of their sensible approach to contractors and freelancers” said Taj Kang, Business Development Director at Contractor Mortgages Made Easy. “They take a human approach to mortgage underwriting, rather than the ‘computer says no’ tactics of other ‘High Street’ lenders.”
“They have also offered value for money with their mortgage products, including offering offset products to contractors, alongside some very competitive fixed rates.”
As a lending option that consider both residential and Buy to Let mortgages, Clydesdale Bank have continued to be one of the leading lenders to Contractors for many years. For those looking to buy rental property, they will even consider First Time Buyers, making them almost unique in the market.
Each mortgage case is assessed by a human underwriter, rather than a computerised check list, and that underwriter will take an overview of the entire application, including credit history, meaning that they are not as restrictive as lenders who make decisions based on credit score.
“There are many reasons why Clydesdale are a good option for our clients” added Taj. “They have always had a more reasoned approach to underwriting, allowing clients with situations slightly outside their standard criteria the availability of High Street lending.”
“The biggest frustration for a number of years has been the income restriction, as this has tended to preclude some contractors who are not on such high daily rates, and in some cases has left clients with no lending options at all.”
“Now, there really are very few circumstances for contractors where we cannot help. Whether you are looking to buy to let or to live, and whether you are a project manager or an IT professional, the mortgage world is your oyster.”
Article By: Mark McBurney, Senior Mortgage Consultant at Contractor Mortgages Made Easy
Media Contact: Raman Kaur, Public Relations Manager
Tel: 01489 555 080