Kent Reliance BS Contractor Mortgages

KRBS under­stands the dynamic and diverse world of contract work, which is constantly evolving. We take pride in embracing applications from day rate contr­actors and offering custo­mized mortgage solutions tailored to their specific needs.

Flexibility for Contractors

Our dedic­ation to offering flexible financing options sets us apart. We understand that indiv­iduals working under various contr­acting arrang­ements, whether through limited companies or payroll umbre­llas, may have different financial circums­tances. 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:

­Explanation:

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 contr­actors who work on a day rate, deter­mining the total value is as simple as multi­plying 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 evalu­ating your applic­ation. Let’s say your daily rate is £350:

The gross contract value can be calcu­lated by multi­plying the daily rate of £350 by 5 days and then by 48 weeks, resulting in £84,000. Alterna­tively, if your hourly rate is £42:

The gross contract value can be deter­mined by multi­plying the chosen number of hours, which can be 37.5 as the default value, by £42 per hour and then multi­plying that result by 48 weeks. This calcu­lation amounts to a gross contract value of £75,600

Required Documentation

To complete your appli­cation for a contr­actor mortgage, please gather the following docum­ents:

1. Proof of ID, such as a Passport or DVLA license.
2. Proof of Address, demons­trated through utility or council tax bills.
3. Your current contract, complete with signed and dated Terms and Conditi­ons.
4. Docume­ntation empha­sizing the impor­tance of a contract renew­al.
5. An up-to-date CV highli­ghting your outst­anding work histo­ry.
6. Recent bank state­ments for both personal and business accoun­ts.

If you’re in the process of purch­asing 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 strea­mlines our work and enables us to present your application effic­iently to our exper­ienced KRBS contr­actor mortgages underw­riter, 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 contr­actor smooth.