Coventry Contractor Mortgages
Coventry Building Society recognizes the needs of contractors and now offers mortgage solutions tailored to your unique circumstances. With Coventry Building Society, all you need to assess your loan application is your contract.
If you are a contracted personnel seeking a loan with Coventry Building Society, there are specific criteria that must be met:
Continuous employment in contracting for the past 12 months, with a minimum of 6 months remaining on your current contract.
If your current contract has less than 6 months remaining, you must provide evidence of 2 years of continuous employment in the same profession.
Contractors paid through an umbrella company may also be eligible for a loan as long as they meet these criteria. Additionally, Coventry Building Society accepts zero-hours contracts, provided there is a consistent level of earnings over the last 12 months, verified by a copy of the contract, the latest payslip, and P60.
For daily rate contractors, a continuous history of contracting in the same profession for the past 12 months is required, with a minimum of 6 months remaining on the current contract. If there are less than six months left on the contract, evidence of 24 months of continuous employment in the same profession is necessary. Umbrella company contractors may also qualify if they meet these criteria.
When applying for a loan, you will need to provide the following documentation:
Evidence of a minimum income of £50,000 (gross annual) calculated as “day rate x 5 x 41”. This includes your hourly/daily rate, and if you are paid weekly, it will be calculated based on your weekly rate multiplied by 41 weeks.
Copies of your contracts demonstrate continuous contracting employment over the past 12 months in the same profession.
Latest two months of personal bank statements (for first-time buyers only).
Rest assured that our expert contractor specialists can guide you through the application process. They will provide the necessary support and assistance to ensure a smooth and successful experience. Feel free to contact us for any inquiries or to initiate your application.
Coventry Building Society understands the unique needs of contractors and is committed to providing tailored mortgage solutions designed specifically for your circumstances. When you choose Coventry Building Society for your loan application, all you need is your contract, which serves as valuable collateral to assess and process your financing request.
Eligibility Criteria
Contractors applying for a loan with Coventry Building Society must meet specific eligibility criteria:
A minimum of 12 months of continuous contracting employment, with at least 6 months remaining on your current contract.
If your current contract has less than six months remaining, you must provide evidence of two years of continuous employment to demonstrate your financial stability.
Contractors paid through an umbrella company may also qualify for loans as long as they meet the aforementioned criteria.
Coventry Building Society is also open to zero-hours contracts, provided there is a consistent level of earnings over the past year. Verification requires copies of contracts, payslips, and P60 forms.
For daily rate contractors, evidence of continuous employment for at least 12 months within the same profession during the past year is required. If there are less than 6 months remaining on your current contract, you must provide proof of 24 months of continuous employment in the same profession. Umbrella company contractors may also qualify if they meet these criteria.
Required Documentation
When applying for a loan with Coventry Building Society, you will be asked to provide specific documentation:
Evidence of a minimum annual gross income of £50,000, calculated as “day rate x 5 x 41.” This calculation considers both your hourly/daily rate and any weekly payments you receive, multiplied by 41 weeks.
Proof of continuous employment as a contractor over the past 12 months within the same profession. This is your opportunity to showcase your employment record by uploading copies of contracts.
For first-time buyers, personal bank statements for the latest two months will be required.
Expert Support
Rest easy knowing that our expert contractor specialists are readily available to guide and support you throughout the application process. They are equipped to offer the necessary assistance and support to ensure a positive and successful experience. Feel free to reach out for inquiries or begin your application today. We are here to help you secure the financing you need as a contractor.
