Halifax mortgage criteria is loosened for contract workers.
Halifax mortgage criteria has been changed in an effort to help freelance workers and contractors purchase a home or remortgage.
Since the end of self cert mortgages and a tightening of lending criteria, contract workers have struggled to get a mortgage. Halifax is now loosening its criteria for affordability assessment in an effort to get more contractors on the property ladder.
What is Halifax's new relaxed criteria?
According to the lender, to be eligible for a Halifax contractor mortgage the applicant needs to have a contract either paying a minimum of £500 per day or £75,000 per year.
In addition they are required to prove at least a year’s contracting experience, once this is proved they can then apply for a mortgage from the Halifax core range.
This new contractor mortgage change is an important development as it opens up the mortgage possibilities for a freelancer to buy a home using the contract based mortgage. If you are freelance contractor call Deal Direct on 0800 048 8828 for a quote.
Self employed borrowers not working on a contract basis are still subject to the old Halifax mortgage criteria, and are still required to provide 3 year’s worth of accounts.
A spokesperson for Halifax mortgages commented advising that after reviewing its contractor policy it has updated its assessment criteria to ensure as a lender it is well placed to help more contractors.
Whatever your circumstances call Deal Direct for a mortgage
