Why Contractors and Short Work History?

Contracting has increased significantly in recent years but contractors and those with a short work history often find it difficult to get a mortgage. Professional mortgage brokers can assist contractors in obtaining a mortgage, using specialist lenders such as Vida Homeloans who assess each individual on their own merits using specialist underwriters who understand contractors’ working patterns and income complexities.

Who is this product for?

  • Those who have recently chosen to go down the contracting route, or who are more established and have been contracting for a longer period of time
  • Those working under Limited or umbrella company structures
  • Applicants with at least a 1 year track record in the same line of work

Key Lending Criteria

  • Minimum 6 months contract or rolling 3 months renewed at least once
  • Where contracting on self-employed basis for more than 12 months, SA302 (including tax year overview) / accounts / accountants certificate to be provided
  • Where contracting less than 12 months and the employer pays both tax and NI, income verified via payslips is required (as per employed applicants)
  • For Limited Companies Vida will consider last year’s net profit after tax if 100% shareholders are on the mortgage (last 3 years accounts will need to show stable or improving business profits)
  • Available up to 90% LTV including fees. Where above 85% LTV, applicants need to be 25 or over with a minimum property valuation of £100,000
  • Up to 85% LTV, minimum age is 21
  • Minimum income £15,000 for the main applicant
  • All property types considered
  • Available on Capital Repayment or interest only