Aldermore announced some product changes. See below for more information. For information on their current products and criteria call our team or click here. REMEMBER, you can access the Aldermore range using our Direct to Lender mortgage club so do contact us for further information. For any Documents Click here. Calculators Click Here.
We’ve improved our mortgage options for contractors
More choice and flexibility for contractors
Contractors’ finances may not easily fit into the standard employed or self-employed category when it comes to applying for a mortgage.
To make this easier for you and your clients, we’ve improved our mortgage proposition and criteria to give you more choice and flexibility.
What’s changed for contractors?
- Self-employed contractors (limited company directors and sole traders with no other employees) can now choose for their affordability to be assessed on an employed basis using gross income, if that works better for them.
- We require 12 months contractor history or 24 months in the same line of work and 2 months remaining on their current contract or a renewal agreed.
- All contractors have access to our standard mortgage products, up to 95% LTV for those working via an umbrella company or a fixed-term contract, and 90% LTV for self-employed contractors.
For information on our other changes for contractors, please read our article.
Every case assessed individually
As well as making our products and criteria more contractor-friendly, all cases are assessed by dedicated underwriters, who will take each case on its merits.
Our flexible approach for contractors who are sometimes overlooked enables us to help them get the mortgage that’s right for them.