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Specialist contractor mortgage brokers in the UK.

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Clydesdale Bank Contractor Mortgages

Clydesdale bank is a contractor friendly mortgage lender, just like Halifax. They consider applications from contractors working in any sector, be it IT or Non-IT; provided their calculated income exceeds £50,000 Per Annum. They fully understand what contractors' requirements and their style of working.

Our team of brokers have a close working relationship with Clydesdable bank, and have negotiated unique deals for Contractors. They are one of the few mortgage lenders that uses manual underwriting. They are very flexible with their lending criteria, and if the application is genuine then, they go that extra mile to ensure that the borrower gets what they deserve even if it doesn't exactly match their lending criteria.

How does Clydesdale bank calculate your income

To determine contractor's mortgage affordability, they've a very simple calculation in place:

- Contractors who have been self-employed for 2 years of more, their income is calculated by the average weekly rate method. Here, contractor's average weekly rate is taken from their current and previous contracts covering the most recent 12 month period and is multiplied by 46.

Calculation: Daily Rate x 5 (number of working days) x 46 weeks

They prefer contractors whose contract has been renewed at least once, and they do not accept offshore income structures. If your contract has been renewed by the same employer, Clydesdale will need to see original contract and the renewal pages.

What are the documents required for Clydesdale Bank Contractor Mortgages?

  • Most Recent CV. A maximum gap of up to 6 weeks each year between the contract is fine with Clydesdale bank. If the gap is more than 6 weeks, their self employment policy will be applied
  • Proof of Employment: Current and Previous contracts covering the most recent 12 month period
  • 3 Months business as well as personal bank statements

Can I apply for Clydesdale Bank Contractor Mortgage if I have less than 2 years of contracting experience?

Yes, you can apply, providing the Loan to Value (LTV) is a maximum of 70% and if:

  • your previous employment was in the same industry; and
  • your income will be calculated on the basis of the current weekly average contract rate x 46 and you would also need to provide the most recent employment income from the P60
  • If you don't exactly meet the lending criteria for Clydesdale Bank Contractor Mortgage then, don't worry; simply get in touch with us and we'll look into your case to try and negotiate an exception if your case is strong enough. We could also try and get you an Agreement in Principle before putting your mortgage application forward.

    Why Choose Us

    • 100% transparency and clarity on the mortgage application process
    • You could borrow up to 5x of your annual contract income
    • Secure mortgages from contractor friendly mortgage lenders and competitive interest rates
    • Specialist 360 degree advice – starting from initial consultation to securing your mortgage offer and beyond
    • Dedicated team of mortgage advisors. Full support and guidance throughout the mortgage application process

    If you are not sure to do, please take help of a specialist contractor mortgage broker. At the end of the day, you don't want failed mortgage applications to leave footprints on your credit report. Any negative point on your credit history can adversely affect your future mortgage applications.

Contractor Friendly Mortgage Lenders