August 4th, 2015
Another lender has joined the contractor-friendly ranks. Nationwide, the UK’s largest building society; has today opened its criteria up to those working on fixed-term contracts.
The lender, also one of the top three mortgage providers in the UK, has over-hauled it’s criteria to allow self-employed contractors to utilise day rate income for mortgage purposes.
“Until now, Nationwide were very selective over which contractors they would lend to” said Taj Kang, Business Development Director at specialist broker Contractor Mortgages Made Easy.
“They were an option for those who were PAYE contractors, direct with the end client, however they are few and far between. Now, they will lend against total income on your current contract rate, even for those Limited Company contractors with less than two years’ experience.”
With a vast array of products on offer, and some market leading rates, this could open a wealth of opportunities for Contractors, as Taj explains.
“Nationwide participate in ‘Help to Buy’, as well as ‘Right to Buy’, and they offer high Loan-to-Value products, all at competitive rates. With these options now being open to Contractors too, the financial future is looking very bright for Contractors, as more and more lenders open their eyes to the security that is offered by the nation’s non-permanent professionals.
Nationwide will now consider those who have less than 12 months experience in their field, and are happy to lend to contractors from any sector. Under the new criteria, they will base affordability calculations using a multiple of contract rate, allowing maximum borrowing. In addition they do not have minimum income requirements.
Their product range includes a number of attractive deals, including 2 and 10 year fixed rate deals and tracker options, including a 3.14% 10 year fix to 60% LTV. Nationwide are also offering options to 75%, 80% and 90% LTV, appealing to a wide range of individuals.
If you would like to find out more about Nationwide and their competitive rates, please call 01489 555 080 to speak with an adviser.
Article By: Mark McBurney, Senior Mortgage Consultant at Contractor Mortgages Made Easy
Media Contact: Raman Kaur, Public Relations Manager
Tel: 01489 555 080