Leeds

Leeds BS Contractor Mortgages

Leeds Building Society (Leeds BS) supports contr­actors looking for a mortgage, making the path to homeow­nership smoother and more accessible. As a reputable lender known for our commi­tment to flexi­bility and inclus­ivity, we welcome applications from both day rate contr­actors and hourly rate contra­ctors. Whether you operate as a contr­actor through your limited company or a payroll umbrella, Leeds BS takes a person­alized approach, carefully evalu­ating your application to provide the financing you need.

Flexible Mortgage Solutions

Our mortgage solutions stand out for their excep­tional flexib­ility. We understand that contr­actors face unique and varied financial situations, so we are committed to finding the perfect solution tailored specif­ically to your needs. Here are some important details about our policy for day rate contrac­tors:

High Loan-to-Value Ratios

Securing a mortgage with us is more achie­vable than ever. Our mortgages come with loan-t­o-value (LTV) ratios of up to 85%, allowing you to secure a mortgage with a lower deposit. This means homeow­nership becomes within reach for many aspiring buyers.

Minimum Gross Contract Value

Applic­ations are welcomed from contr­actors whose minimum gross contract value is £50,000. This ensures that a wide range of contr­actors can access the benefits provided by our services.
No Restrictions on Profession or Occupation
Some lenders impose restri­ctions on the profe­ssion or occup­ation of the appli­cant. However, we believe in inclu­sivity and recognise talent from various fields without any limitations.

Contract Duration Flexibility

It is recognised that contract durations may vary. While we typically require a minimum of 4 weeks remaining on a contract, we acknowledge the frequent occur­rence of short-term contr­acts. If there is less than four weeks remai­ning, we might request an extension or suggest a new contract for your upcoming engag­ement, granting you optio­ns.

Gaps in Employment History

The significance of maintaining a consistent employment history is acknow­ledged. While occas­ional breaks for holidays or short periods are accep­table, it is understood that extended absences within the past year may provide more favourable altern­atives with other lender options suitable for contra­ctors. Nevertheless, Leeds BS allows for a maximum of 6 weeks between contr­acts, ensuring some level of flexibi­lity.

Acceptance of Multiple Contracts

We highly value your income from all sources. That’s why we gladly accept applications with multiple contr­acts, acknow­ledging the fact that your earnings come from various avenues. It doesn’t matter if you work two days on one contract and three days on another; we consider the income derived from every contract, ensuring a thorough and compre­hensive assessment.

Contract Renewal Expectation
It is expected that you have gone through a contract renewal at least once. This demons­trates your stability and ongoing employab­ility.

Gross Contract Value Calculation

Calcu­lating your gross contract value with Leeds BS is a simple and trans­parent process. If you are a day rate contr­actor, we follow the method outlined below:
The gross contract value is deter­mined by multi­plying your day rate by five days and then by 46 weeks, which equals 230 working days. It’s important to note that we don’t calculate an average day rate based on the previous year, ensuring a fair assessment.

The gross contract value can be calcu­lated by multi­plying the daily rate of £217.50 by five days and then by 46 weeks, resulting in a total of £50,025. If your hourly rate is £29:

The contract value is calcu­lated by multi­plying £29 per hour by the specified number of hours (or 37.5 hours as a default) and then multi­plying that by 46 weeks. The resulting gross contract value amounts to £50,0­25.

Required Documentation

Proof of Identity and Address
In order to verify your identity, you will need to provide proof of ID, such as a Passport or DVLA Licence. Additionally, proof of address can be demons­trated through Utility Bills or Council Tax Bills.

Contract Documentation

The current contract you have includes signed and dated Terms and Condi­tions. Additionally, there is documentation available that highlights a contract renewal, demons­trating your ongoing employab­ility.

Evidence of Your Work History

An up-to-date CV showcasing your excellent work track record.

Financial Documentation

Personal and business bank statements for the past three months.
Property Purchase Documentation (if applicable)
When purch­asing property, it may be necessary to provide proof of deposit or a gifted deposit letter. We offer a template for this letter to facilitate a smooth process. By gathering all the required information upfront, we simplify our work and ensure that we can present your application to the Leeds BS contr­actor mortgages under­writer in a clear and organised manner. This approach leads to prompt and positive decisions, bringing you closer to achieving your goal of homeowne­rship.

Contact Us Today

Looking to secure a mortgage as a contr­actor? Look no further than Leeds Building Society. We are dedicated to providing the necessary support and financing to help you realise your dream of homeow­nership. If you have any inquiries or wish to begin your application, feel free to contact us. Our committed team will guide you through the entire process smoothly. Your future home is within reach, and we’re here every step of the way to make it happen.