Lending criteria for day rate contractor income
Lending criteria
Day rate contractor income
Day rate contractors are acceptable for lending purposes if the following criteria are met:
- Contracts must relate solely to the applicant
- Up to 2 contracts can be considered subject to sustainability
- Minimum 6 months track record of contract work
- A maximum of 46 weeks income used from the current contract
- Minimum income £300 per day or £50,000 per annum.
Please note umbrella company deductions will need to be taken into account when calculating affordability.
Evidence Required
- Current and previous contract (s) covering at least 6 months.
- If no previous contract is available and current contract started less than 12 months ago, previous industry experience and pay should be evidenced via P60’s/ employment contract.
- If there are less than 2 months remaining on current contract, evidence of contract extension or new contract is needed.
Please choose from the following options
So we can direct you to the right part of our website, please select from the login options below:
Porting? Additional Lending? No need to log in, please click, Porting or Additional Lending to follow the correct application steps.
NEW BUSINESS - ACCORD MSO
To create an illustration, submit a DIP, upload documents or to track an application for new customers:
ONLINE PRODUCT TRANSFERS
Switch existing Accord clients to a new deal - create an illustration, then apply and accept a product transfer online: