Halifax extends its contractor mortgage criteria.
The Halifax BS has just announced that its contract based income criteria on contractor mortgages, has been opened up to include any professional contractor (regardless of their specialisation) to access a mortgage.
This is a significant change which will benefit the UK’s growing contractor sector. In order to qualify for a deal, the lender advises that applicants must have a minimum daily contract rate of £300, which works out as an annual £75,000 pay rate. This mortgage is also open to first time contractors which is positive news.
A spokesperson for the lender advises that the reason for the criteria change, is to help more self-employed workers climb on the property ladder or move home. The hope is many individuals will benefit from the widening of criteria.
With many high street lenders not so open to applications from contractors, it’s highly likely that you will need help to source a mortgage. At Deal Direct we specialise in contractor mortgages and have built up close working relationships with lenders willing to offer competitive rates and terms.
For independent advice and a ‘whole of market’ mortgage search, speak to one of our impartial advisers. They can review your circumstances to ensure that they source the most competitive mortgage available to match your needs and finances.
For a low rate quote call 0800 048 8828.
