TSB Mortgages

Together with TSB, we give you exclusive access to their day rate contractor criteria – giving you every chance of securing the mortgage you deserve.

TSB Income Criteria for Day Rate Contractors

When it comes to setting income criteria for day rate contractors at TSB, here are a few key points:

• Minimum Income: To be considered affordable by TSB, your average daily rate must meet or surpass £50,000. Other forms of income such as bonuses, overtime pay, or commission may not be considered when evaluating affordability.
• Contract History: For rolling contracts with more than three months remaining on them, evidence from your current employer or agency that validates the contract validity must also be provided to TSB.
• Calculation of Day Rate Income: To determine your day rate income, multiply your average daily rate over the past 12 months by five (days) and 46 (weeks), including any future contracts if applicable.
• Basic Salary: Your basic salary figure should correspond with your day rate multiplied by five and 46 if possible; otherwise, TSB will use the lower value between your basic salary and captured day rate to assess affordability.
• Shift Patterns: Calculating Your Basic Salary Manually If you work a shift pattern, calculating your basic salary requires manual intervention.

Contractor Mortgage Solutions is dedicated to ensuring day rate contractors can access the highest quality mortgage options. Through our partnership with TSB, we give day rate contractors exclusive access to their day rate contractor criteria.

Get in touch with us now so we can discuss your mortgage needs and secure you the perfect day rate contractor mortgage solution!

Required Documentation

To complete your application, we require the following documentation:

• Proof of ID such as Passport or DVLA Licence;
• Proof of Address such as Utility Bill or Council Tax Bill;
• Current Contract with Terms and Conditions signed and dated;
• Bank Statements from past three months;
• Lenders Direct Debit Mandate, Offset Declaration, and Telephone Banking Form;
• For purchases, we will require either proof of deposit or a letter with requirements if this deposit is being gifted; in such cases, we will provide the template letter.

An early submission of all required information expedites our process and allows us to professionally present your application to TSB Mortgages’ Contractor Mortgages Department – guaranteeing a swift and favourable decision.

Turn to Contractor Mortgage Solutions experts to make your application successful, receive professional guidance that your application deserves.