Buckinghamshire Building Society contractor mortgage lending criteria
Buckinghamshire Building Society always takes a personal, flexible approach. Unlike other lenders, the lender processes mortgage applications and underwrites manually. This allows underwriters to consider a broad range of situations.
Therefore, the lender’s criteria and contractor policy aren’t cast in stone. It assesses every application on its merits, and backs that up with some genuine contractor-friendly elements.
Buckinghamshire’s underwriters excel with contractors with a less-than-perfect credit history (impaired/bad credit), or who have complex circumstances.
Your Buckingham mortgage will be appraised on experience and payment structure
Buckingham BS considers contractors with at least seven months of experience. During that time, the contractor must have had one renewal or have a new contract in place.
For contractors with less than 18 months’ trading history, Buckingham will use their day rate as the base of their affordability assessment.
For contractors with more than 18 months’ history, the lender uses its self-employed lending criteria. Contractors who fall in this bracket will need to provide accounts, upon which the lender will base its affordability calculations.
And for umbrella workers, underwriters base income for lending purposes on the contractor’s gross income after deductions.
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Buckinghamshire's key contractor-friendly lending criteria
Here are the other criteria, which make Buckinghamshire BS such a flexible, contractor-friendly lender; it underwriters:
- use: day rate × 5 × 48 weeks for lending purposes;
- offer up to six times the applicant’s annual/annualised income;
- manually assess each contractor, with no reliance on an affordability calculator;
- don’t impose any minimum income requirements;
- accept contractor applicants from ALL industry sectors and occupations;
- are flexible on gaps between contracts;
- offer contractors a generous maximum LTV of 95% (i.e. minimum 5% deposit).
Buckinghamshire Building Society in a nutshell
Buckingham’s personalised underwriting process shows a willingness to accommodate various complex circumstances. This makes the lender a solid option for contractors who’ve struggled to get a mainstream mortgage or who have complex work histories.
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