Saffron Building Society's contractor mortgages are available for all types of contractors, that includes Non-IT Contractors as well. They have a wide range of mortgage products to offer to contractors and the self-employed.
They offer bespoke underwriting to all contractors and freelancers. Their mortgage products are flexible enough to accommodate short term contracts or day rates, as long as they meet their mortgage lending criteria is met, which is very flexible. Plus, there are no Early Repayment Charges (ERCs).
This type of contractor mortgage is a good fit for those who don't meet the standard 'fix' mortgage lending criteria and are looking for something that offers more flexibility.
Saffron Building Society assesses contractors' income on day rates taking into account its long term effect on the overall mortgage. There are some mortgage products that allow contractors to pay off capital and benefit from a lower interest rate. All a contractor needs to prove is a contracting history of a minimum of 6 months, and the current contract should be active with an unexpired term of 6 months or more.
Saffron Building Society specialises in mortgage products like First Time Buyer, Moving Home as well as Contractor Remortgages. Please get in touch with us and our team of mortgage advisors will explain you everything in detail.
They offer contractor mortgages up to 80 - 90% Loan to Value (LTV), leaving you to only arrange for a deposit of 10%. Unlike many lenders, Saffron Building Society has their team of experience mortgage advisors and underwriters that understand the contractor community and their requirements very well.
To assess contractors' mortgage affordability, Saffron calculates income as daily rate x 5 working days x 48 weeks.
Their Capital repayment incentive allows borrowers to repay capital at any time and benefit from a lower rate if their mortgage drops into a lower Loan to Value (LTV) band. Their interest maybe a bit high compared to others, but they offer the flexibility which is equally important. Saffron is ideal for contractors who are earning less than £312.50 /day or £75,000 /annum.
We have negotiated unique mortgage deals with contractor friendly mortgage lenders. Please get in touch with us to find out more.