Furness Building Society contractor mortgage lending criteria

Any professional, fixed-term contractor applying to Furness must have at least two years’ experience in their chosen profession. The lender offers its contractor criteria to contractors in ‘professional’ occupations: doctors, solicitors, teachers, etc.

Any current contracts that don’t have at least six months remaining should come with employer confirmation that the contract will be renewed for at least another six months.

If the contractor is new to the role, their contract at time of application must be for at least 12 months. If the contractor has worked in the role for a time, their employer must have renewed their contract at least once. In either instance, the contract should have at least six months left to run.

Furness uses an industry-standard affordability calculation to work out baseline annualised income:

• Day rate (£) x 5 (days worked per week) x 46 (weeks worked per year)

Underwriters will then use that annualised figure against their standard multiplier to derive the contractor’s full mortgage potential.

No matter what that figure is, the maximum LTV Furness offers contractors is 80%. That means any contractor applying to Furness must raise at least 20% deposit.

As the leading mortgage broker for contractors and the flexible labour workforce, you’ll be in safe hands with Freelancer Financials.

Freelancer Financials is an independent broker with access to every mortgage from every lender, meaning we can offer truly unbiased advice and find you the best deal for your unique circumstances.

Established more than 20 years ago, we have a proven track record of arranging over 30,000 mortgages for contractors, umbrella company workers, CIS subcontractors and the self-employed.

Our specialist broking team will support you throughout your mortgage journey, and we have nearly 1000 5-star reviews from clients to prove it. Whatever your mortgage needs, it’s time to talk to the experts.