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.
Contractors are go!
We’ve made some significant changes of our proposition which now means we can assess contractors that work via a limited company or sole trader, on an employed basis using gross income.
Our Proposition will also focus on flexibility of underwriting allowing us to consider different employment types in history, longer gaps in contracts, up to two contracts being worked at the same time, and “day one” contractors.
Key points to consider:
- 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 (their day rate multiplied by working days and up to 46 weeks per year), if that works better for them.
- We’ll 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. We can consider Day one Contractors but please ensure a conversation is had with the BDM to discuss before placing.
- 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/day rate contractors.
The full policy can be found here:
How we’re backing Britain’s contractors | Mortgage Intermediaries | Aldermore Bank