Contractor Mortgages Made Simple with TSB
TSB Bank is a trusted UK institution offering specialised mortgage solutions for contractors alongside a range of other banking services. These include personal and business banking, savings accounts, loans, mortgages, and insurance. Known for its exceptional customer service, TSB provides mortgage solutions tailored for day-rate contractors, sub-contractors, and other flexible workers.
TSB now offers mortgages to day-rate contractors, sub-contractors, fixed/short-term contractors, agency workers, Construction Industry Scheme (CIS) workers, and contractors on probation.
Why TSB is a Great Option for Contractors
TSB stands out by offering flexible mortgage solutions that cater to your unique contractor income structure. By focusing on your current contract rate, TSB makes it easier to secure a higher loan amount. With competitive interest rates, dedicated support, and the convenience of both online and in-person services, TSB provides a reliable and contractor-friendly mortgage experience.
Essential Checklist for Securing a TSB Bank Contractor Mortgage
If TSB 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
- You must have at least three months remaining on your current contract and a minimum of one year’s experience in your contracting field.
Income and Currency
- Your minimum income must be £50,000, with a contract day rate of at least £217.39.
- TSB calculates income based on your daily rate over 46 weeks but does not accept foreign currency.
Documentation for Limited Company Contractors
- You need to submit the last three months of personal and company bank statements.
Documentation For Umbrella Contractors
- You must provide payslips from the last three months along with personal bank statements.
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
- TSB may review recent work gaps, so maintaining a steady work history is important.
By meeting these criteria, you can benefit from TSB’s quick processing times and secure the mortgage you need.
Partnering with TSB Bank for Seamless Contractor Mortgages
We work closely with TSB’s senior underwriters to ensure your mortgage application process is fast and easy. Our expertise allows us to submit your application quickly and accurately, often securing you a mortgage in principle within 24 hours. The full application process typically takes about three days, with completion in 2 to 4 weeks. TSB understands the contracting lifestyle and offers flexible options. If you’re concerned about how a lender will view your income, our friendly team is here to help and guide you through the process.
FAQ’S
Can contractors with short contracts get a mortgage with TSB?
Yes, TSB is open to contractors with at least three months remaining on their current contract, as long as you have at least one year of experience in your field.
Does TSB accept income in foreign currency?
No, TSB only accepts income in British pounds. Any income in foreign currency will not be considered in your mortgage application.
What support does TSB offer for contractors during the mortgage process?
TSB provides dedicated mortgage advisors who understand the unique needs of contractors. They can guide you through the application process and help you choose the best mortgage product for your situation.
How competitive are TSB’s interest rates for contractors?
TSB offers competitive interest rates for contractors, which can help make your mortgage more affordable. Rates will depend on your financial situation and the specific mortgage product you choose.