Bank of Ireland: Mortgage Options for Contractors with Variable Incomes
The Bank of Ireland is a leading financial institution offering a wide range of banking services, including mortgages, savings accounts, and personal loans. With a strong presence in the UK and Ireland, the Bank of Ireland is renowned for its customer-focused approach, particularly in supporting contractors with variable incomes. They recognise the unique financial situations of contractors, who often have fluctuating incomes and non-traditional income documentation. By assessing income through contracts and bank statements, the Bank of Ireland makes it easier for contractors to secure a mortgage. They offer flexible mortgage options with competitive rates, aiming to support contractors in achieving their homeownership goals despite income irregularities.
Why Bank of Ireland is a Great Option for Contractors
The Bank of Ireland is an excellent choice for contractors. They understand that your income may vary and that you might not have traditional income documentation. By reviewing your contracts and bank statements, they assist you in securing a mortgage. The Bank of Ireland offers flexible mortgage options with competitive rates, aiming to help contractors purchase a home, even if their income isn’t always steady. With a customer-friendly approach, the Bank of Ireland provides mortgage solutions tailored to your specific needs.
Essential Checklist for Securing a Bank of Ireland Contractor Mortgage
If the Bank of Ireland seems like a good fit, we at Contractor Mortgage Solutions can assist you with your application. Here’s what you need to know:
Contract Requirements
- Your current contract must have at least three months remaining, with a minimum of one year of industry experience.
Income and Currency
- You must have a minimum gross contracting income of £50,000, meaning your daily rate should be at least £217.29.
- The Bank of Ireland only accepts income in British pounds.
Documentation for Limited Company Contractors
- The latest three months of both business and personal bank statements.
- Your current contract and all contracts from the past 12 months.
Documentation For Umbrella Contractors
- The latest three months of personal bank statements.
- The last three months of payslips from your umbrella company.
- Your current contract and contracts from the past 12 months.
Documentation for Payee Contractors
- Your most recent three months of payslips.
- Your current employment contract.
- Bank statements covering the last three months.
Contracts Gaps and Earnings
- The Bank of Ireland allows multiple contracts, but they review your contracts from the past 12 months to ensure consistent earnings.
By meeting these criteria, you can benefit from the Bank of Ireland’s quick processing times and secure the mortgage you need.
Our Relationship with the Bank of Ireland
We work directly with the Bank of Ireland’s senior underwriters to assist with contractor mortgages. This direct relationship ensures that your application is managed by experts who understand the specific challenges faced by contractors. With experience helping hundreds of contractors, we know how to navigate the process smoothly. We ensure your application is submitted correctly with all the required documents, avoiding unnecessary delays. In most cases, we can secure a Mortgage in Principle within 24 hours. The full application typically takes around three days, with completion in two to four weeks. Our strong relationship with the Bank of Ireland ensures a smooth application process.
FAQ’S
Does the Bank of Ireland accept foreign currency income?
No, the Bank of Ireland only deals in domestic currency. All income must be in British pounds.
What is the Bank of Ireland’s policy on adverse credit?
The Bank of Ireland has a strict adverse credit policy. They only accept applications from individuals with a spotless credit history, meaning no missed payments, defaults, or County Court Judgements (CCJs).
Why is the £50,000 income threshold important?
The £50,000 income threshold ensures that contractors meet the minimum financial stability required by the Bank of Ireland. It helps determine the appropriate mortgage amount and ensures you can manage repayments.
Can I combine multiple contracts to meet the income requirement?
Yes, the Bank of Ireland allows you to combine multiple contracts from the past 12 months to meet the income requirement, as long as they demonstrate consistent earnings.