Leeds Building Society: Your Ideal Partner for Contractors
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.
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.
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.