Saffron Building Society contractor mortgage lending criteria

Saffron accommodates both fixed-term and short-term contractors in its “contractor” range. The lender has neither industry restrictions nor minimum income requirements for day rate contractors.

Applicants need only three months’ contracting history at time of application. However, they must back that up with a further two years’ experience in the same industry. Contractors will need to provide a CV as evidence of that experience. Underwriters will also consider gaps between contracts in their assessment process.

Saffron also considers day-one contractors, but solely on a discretionary basis. To begin any enquiry, the new contractor must have at least one year’s work experience in their contracting sector.

Saffron will use 100% of a zero-hour contractor’s income, providing they have at least 12 months’ zero-hour contracting experience. This experience can be with different employers.

Saffron Building Society’s underwriters need evidence of the contractor’s income, too. The applicant must provide their:

• latest P60;
• last three months’ payslips;
• last three months’ bank statements.

In addition, the applicant must have at least a 10% deposit (90% LTV mortgage).

The lender will also consider joint applications where both applicants are zero-hour contractors. If so, the lender will use 75% of the second applicant’s income, providing they have at least nine months’ experience as a zero-hour contractor.

Saffron welcomes agency workers with at least one year’s history of work experience as an agency worker. This experience can cover more than one employer.

To evidence the applicant’s income, underwriters will need their:

• latest P60;
• last three months’ payslips;
• last three months’ bank statements.

Its niche approach positions Saffron as a bridge between mainstream lenders and specialist options.

Its willingness to accommodate unique situations makes it a solid option for contractors who might not fit the typical mould.