Nottingham Building Society has made changes to its mortgage criteria, reducing the minimum length of time a contractor must have worked on fixed-term contracts in order to be considered for a mortgage.
The Society now considers applicants who have been working on fixed-term contracts for just 12 months, with no minimum time required on their current contracts.
Additionally, contractors working via an umbrella company are acceptable using 46 weeks income.
Alison Pallett, sales director at Nottingham Building Society, said: “We’re excited to be able to adapt our criteria for contractors, as we continue to help more people achieve their dreams of home ownership.
“The world of work is evolving; from construction to health and social care, more and more people work on contracts, and it is imperative that the industry reacts in tandem – especially as contracting allows greater flexibility within the workforce.”
She added: “These changes reflect our unwavering commitment to empowering contracted workers to access mortgage financing more easily.
“We hope to have further exciting developments to announce shortly, so keep an eye out for them.”
