Nationwide Contractor Mortgages

When it comes to securing a mortgage as a contractor, Nationwide Contractor Mortgages is your trusted partner. As a reputable High Street lender, Nationwide welcomes and thoroughly evaluates mortgage applications from both day rate contractors and hourly rate contractors. We take pride in offering flexible options and do not impose a minimum income requirement, making homeownership achievable for contractors from all walks of life.

Flexible Options for All Contractor Types

Nationwide understands that contractors come in various forms, including those operating through limited companies or payroll umbrellas. We are committed to reviewing and assessing your application regardless of your contracting arrangement. Our team of experienced mortgage brokers specializes in Nationwide contractor mortgages, ensuring that your application aligns perfectly with Nationwide’s criteria.

Trust the Experts

We understand the importance of entrusting your application to seasoned professionals. Submitting an application with an inexperienced mortgage broker can lead to careless handling and potential failure. Avoid shortcuts by going direct; instead, rely on our expertise as experienced mortgage brokers who can secure some of the best interest rates with Nationwide.

Policy for Day Rate Contractors

Nationwide’s policy for day rate contractors is designed to provide inclusivity and support:

• No Minimum Rate Requirement: Nationwide has no minimum contract rate requirement and considers applications from contractors of all professions, regardless of their day or hourly rate.
• Minimum Contracting Period: For day rate contractors, a minimum contracting period of one year is necessary to be eligible for a Nationwide contractor mortgage.
• Flexibility on Contract Period: Nationwide recognizes that contracts are often short-term and does not insist on lengthy remaining contract periods. Four weeks is generally sufficient, although they may request an extension or a new contract if your remaining time is less than this.
• Generous Gap Allowance: While Nationwide prefers consistent employment history within the preceding 12 months, they are generous in allowing up to 12 weeks of gaps between contracts. Taking holidays or a few weeks off is not an issue.
• Fixed-Term Contract Policy: An end date on your contract is required to comply with Nationwide’s “fixed-term contract” policy. Without an end date, your assignment is not considered fixed term.

Gross Contract Value Calculation

Calculating your gross contract value with Nationwide is straightforward and transparent:

For day rate contractors, they multiply your day rate by 5 days, then by 52 weeks, and finally by 80% to determine the gross contract value. Importantly, Nationwide does not use the average day rate from the previous year.

For example, whether you’re on a day rate or hourly rate:

• £350 per day x 5 days x 52 weeks x 0.80 = £72,800 gross contract value
• £42 per hour x (number of hours stipulated or 37.5 hours default) x 52 weeks x 0.80 = £65,520 gross contract value

Required Documentation

To facilitate your application process with Nationwide, we kindly request the following documentation:

• Proof of Identity and Address: Proof of ID, such as Passport or DVLA Licence. Proof of Address, such as Utility Bills or Council Tax Bills.
• Contract Documentation: Your current contract with the Terms and Conditions, signed and dated. Documentation highlighting a contract renewal, demonstrating your ongoing employability.
• Evidence of Your Work History: An up-to-date CV showcasing your excellent work track record.
• Financial Documentation: Personal and business bank statements for the past three months.
• Property Purchase Documentation (if applicable): If you’re in the process of purchasing property, proof of deposit or a gifted deposit letter may be required. We provide you with the required template for this letter, ensuring a smooth process.

Having all the necessary information upfront streamlines our process and allows us to present your application to Nationwide in a clear and professional manner. This approach facilitates a quick and positive decision, bringing you one step closer to achieving your homeownership goals.

Trust the Experts

Don’t risk or leave your application to chance. We have a strong relationship with Nationwide and are here to guide and support you throughout the process. Contact us today to benefit from professional advice and secure your path to homeownership with Nationwide Contractor Mortgages. Your dream home awaits.