Leeds Building Society: Your Ideal Partner for Contractors
Leeds Building Society is a reputable lender offering mortgages tailored specifically for contractors. They understand the diverse income structures of contractors, including daily rates and pay from limited companies. They understand the diverse income structures of contractors, including daily rates and pay from limited companies. Whether you’re new to contracting or have been doing it for a while, Leeds BS makes getting a mortgage simple and clear. They are a reliable choice for contractors looking for a mortgage that fits their unique financial situation.
We work with more than 120 mortgage lenders, including:
Why Leeds Building Society is The Best Choice For Contractors
Leeds Building Society stands out as a top choice for contractors due to their tailored approach to mortgage lending. They recognize the unique nature of contractor income, including day rates and earnings through limited companies, and offer flexible mortgage solutions that accommodate these diverse income streams. Their competitive rates, combined with a deep understanding of contractor finances, ensure that the mortgage process is not only streamlined but also fair. Leeds BS provides personalised support to navigate the complexities of contractor income, making them a trusted partner in achieving your homeownership goals.
Curious About How Much You Can Borrow?
Find out in seconds! Use our quick and easy mortgage calculators to see how much you could borrow based on your day rate. Keep in mind, this is just an estimate – for a free, personalised recommendation, contact us today!
We partner with banks and underwriters to navigate the complex landscape of contracting and simplify the process of using contract earnings alone for affordability assessments.
In today’s fluctuating housing market, understanding how much you can borrow is crucial. As a local mortgage broker in Watford, we provide expert advice to help you navigate this unpredictability. Whether you’re a first-time buyer in Watford, looking for a buy-to-let mortgage, or considering remortgaging in Watford, we ensure you secure the best possible deal.
Your Estimated Borrowing Amount
Your Essential Checklist for a Leeds Building Society Contractor Mortgage
If Leeds Building Society seems like a good fit, we at contractor mortgage solutions can help with your application. Here’s what you need to know:
Contract Requirements
Leeds Building Society is ideal for day rate contractors. You need at least 12 months of contracting experience, but there’s no minimum term required for your current contract. They calculate your day rate income based on a 48-week period and accept only domestic currency.
Income and Currency
Your income will be assessed based on your day rate over a 48-week period. Leeds Building Society only considers income in domestic currency.
Documentation for Limited Company Contractors
If you operate through a limited company, you’ll need to provide the most recent three months of both business and personal bank statements.
Documentation For Umbrella Contractors
Contractors working through an umbrella company must submit their personal bank statements and umbrella pay slips from the last three months.
Documentation for Payee Contractors
PAYE contractors need to provide recent payslips and a P60 or similar documentation covering the most recent financial year. You should also provide your personal bank statements for the last three months.
Contracts Gaps and Earnings
Leeds Building Society is flexible regarding gaps in your contracting history. Be prepared to explain any breaks in your contract history, but overall, their approach is more accommodating compared to other lenders.
By meeting these criteria, you can benefit from Leeds BS quick processing times and secure the mortgage you need.
Partnering with Leeds Building Society for Seamless Contractor Mortgages
We work closely with Leeds BS senior underwriters to make your mortgage application fast and easy. Our experience helps us submit your application quickly and correctly, often getting you a mortgage in principle within 24 hours. The full application usually takes about three days, with completion in 2 to 4 weeks. Leeds understands the contracting lifestyle and offers flexible options. If you’re worried about how a lender will view your income, our friendly team is here to help and guide you through the process.
Compare & Find the Right Mortgage for You
Don’t settle for less—explore, compare, and secure the best mortgage deal tailored to your needs.
Mortgage Comparison
Find the Right Mortgage in Minutes
Finding the right mortgage can be overwhelming, but we make it simple. Our mortgage comparison tool lets you explore options from top lenders, ensuring you get the best deal for your situation. Whether you’re a contractor, self-employed, or a first-time buyer, you can compare interest rates, loan terms, and monthly payments all in one place. Get a clear breakdown of costs and repayment terms before making your decision. With tailored solutions for contractors, securing the right mortgage has never been easier.
Mortgage Quote
Personalized Mortgage Quote, Instantly
Want to know how much you can borrow and at what rate? Our mortgage quote tool gives you a quick, no-obligation estimate based on your income and financial profile. We specialize in contractor mortgages, ensuring you get access to exclusive rates designed for self-employed professionals.
With no impact on your credit score, you can explore your mortgage options with confidence. Get a personalized quote in minutes and take the next step toward securing your dream home.
FAQ’S
Is there a minimum term requirement for my current contract?
No, Leeds Building Society does not impose a minimum term requirement for your current contract. This flexibility allows you to apply for a mortgage even if you are near the end of your contract.
How does Leeds Building Society calculate my income as a day rate contractor?
Leeds Building Society calculates your income based on your day rate over a 48-week period. This method helps to provide a more accurate representation of your annual earnings, accounting for any potential gaps between contracts.
Can I apply for a mortgage if I have a history of late payments?
Yes, Leeds Building Society has a lenient credit policy. Past late payments are acceptable, which can be beneficial if you have had occasional financial difficulties.
Do I need to provide income in a specific currency?
Yes, Leeds Building Society only considers income in domestic currency. If your income is earned in a foreign currency, it must be converted to domestic currency for assessment purposes.
Are there any minimum income requirements for a contractor mortgage with Leeds Building Society?
Leeds Building Society does not have a minimum income requirement, which provides more flexibility for contractors with varying income levels. This can be particularly advantageous if your income fluctuates.