Kent Reliance BS Contractor Mortgages
KRBS underÂstands the dynamic and diverse world of contract work, which is constantly evolving. We take pride in embracing applications from day rate contrÂactors and offering custoÂmized mortgage solutions tailored to their specific needs.
Flexibility for Contractors
Our dedicÂation to offering flexible financing options sets us apart. We understand that indivÂiduals working under various contrÂacting arrangÂements, whether through limited companies or payroll umbreÂllas, may have different financial circumsÂtances. Each application is thoroughly evaluated to ensure we can provide the ideal financing solution for you.
Policy Highlights
Here are the key highlights of our policy for day-rate contractors:
ÂExplanation:
We have set a minimum day rate requirement of £275, offering flexibility for various contractors. Our mortgage solutions for limited company buy-to-let mortgages are highly regarded in the industry. We welcome applications from professionals across diverse disciplines, understanding that talent exists in various fields. Our products offer up to an 80% loan-to-value (LTV) ratio, requiring only a 20% deposit for buy-to-let mortgages. We value your experience, and having at least one renewal under your belt can be advantageous, especially if you have less than 12 months of contracting experience or work outside the IT sector.
Gross Contract Value Calculation
Calculating your gross contract value with KRBS is straightforward:
For contrÂactors who work on a day rate, deterÂmining the total value is as simple as multiÂplying your daily rate by five and then by 48 weeks. Unlike certain lenders, we don’t rely on an average day rate from previous years when evaluÂating your applicÂation. Let’s say your daily rate is £350:
The gross contract value can be calcuÂlated by multiÂplying the daily rate of £350 by 5 days and then by 48 weeks, resulting in £84,000. AlternaÂtively, if your hourly rate is £42:
The gross contract value can be deterÂmined by multiÂplying the chosen number of hours, which can be 37.5 as the default value, by £42 per hour and then multiÂplying that result by 48 weeks. This calcuÂlation amounts to a gross contract value of £75,600
Required Documentation
To complete your appliÂcation for a contrÂactor mortgage, please gather the following documÂents:
1. Proof of ID, such as a Passport or DVLA license.
2. Proof of Address, demonsÂtrated through utility or council tax bills.
3. Your current contract, complete with signed and dated Terms and ConditiÂons.
4. DocumeÂntation emphaÂsizing the imporÂtance of a contract renewÂal.
5. An up-to-date CV highliÂghting your outstÂanding work histoÂry.
6. Recent bank stateÂments for both personal and business accounÂts.
If you’re in the process of purchÂasing property, proof of deposit or gifted deposit letters may be required. Rest assured, we provide templates for these letters tailored to your specific situation.
Gathering all the necessary information upfront streaÂmlines our work and enables us to present your application efficÂiently to our experÂienced KRBS contrÂactor mortgages underwÂriter, leading to a prompt and cheerful decision.
Our dedicated team is here to support you throughout the application process, making your journey to securing a mortgage as a contrÂactor smooth.
