Kensington Mortgages contractor mortgage lending criteria

Kensington’s key lending criteria for contractors can be generous. The lender:

• Only requires 12 months’ continuous contracting history, with either one contract renewal or having begun a second contract (although
  underwriters can be flexible, approving mortgages with less than 12 months’ contracting history where the applicant has offered a valid explanation, and this flexibility may also extend to contractors on their first contract if they have PAYE history in a similar role)
• Does not impose a minimum earnings threshold, which provides opportunities for contractors with more modest incomes
• Prefers no gaps longer than six weeks between contracts (but again, if there’s a valid reason, underwriters will consider applications with longer gaps)

Kensington accepts mortgage applications from foreign nationals provided they have:

• Lived in the UK for two years
• Indefinite Leave to Remain with settled or pre-settled status

To corroborate their settled status, Kensington needs applicants to provide a ‘share code’ for their eVISA from the Government’s site. To get the code, applicants must have a UK Visas and Immigration account. Contractors can get a share code by visiting the the View and prove your immigration status page at GOV.UK. Give the code and your date of birth to your mortgage broker, who’ll pass it on to our underwriter

Kensington can still accept applicants in certain circumstances who already have a Tier 1 Visa, despite it now being closed to new applicants.

So, applicants with more than two years remaining on a Tier 1 Visa or Tier 2 Visa at application won’t need permanent right to reside for mortgages up to 70% LTV where:

• The applicant has held the same job or has been self-employed/a contractor for at least two years, and
• Whose income exceeds £75,000 per annum.

If a mainstream lender has rejected you, Kensington may be able to help. The lender has made a name specialising in adverse credit and more complex income situations.

You can also be assured of a thorough affordability check. If Kensington’s underwriters believe you can afford a mortgage, you can take their decision to the bank.