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Building society launches contractor mortgages


The Tipton and Coseley Building Society has introduced a range of contractor mortgages for borrowers employed on short-term renewable contracts.

Qualifying customers with at least a 12-month contractor employment history can now enjoy the society’s two- and three-year purchase and remortgage products, which are available for up to 85% LTV. 

The range does not require a minimum income and all types of occupations will be considered.

Both employed and self-employed contractors are able to apply and can include contracts via associated umbrella companies.

Richard Groom, head of mortgage sales at the Tipton (pictured above), said: "Historically contractors may have found it difficult to obtain a mortgage and we want to redress the balance. 

“The number of contractors and self-employed workers continues to grow and we've launched these products in response to the changing nature of the UK employment market.”

Affordability is calculated against the lower of the current contracted daily rates, multiplied by 220 working days (excluding weekends and bank holidays), or as an average of the last 12 months’ gross income.  

The existing contract must have a minimum of six months remaining at the time of application or the employer must confirm that the contract will be renewed for a further six months.

“We'll continue with our commonsense approach to lending and take into account the personal circumstance of every contractor applicant,” Richard added.

For further details on the product range, contact the intermediary team on 0121 521 4045.

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