Lending Criteria for Contract Workers

Take a look at our lending criteria for Employed and Self-employed Contract Workers below. 

Employed

We are willing to consider CIS Contractors, (where the company pays the tax), providing the client can evidence:

• 12 months or more continuous employment with 6 months of the contract remaining, or,
• 2 years continuous service (for the last two years as at the date of application) in the same type of employment

And where they can provide:

• Latest 3 months payslips
• Invoices
• P60
• Corresponding bank statements

We will consider those on Fixed Term or Renewable Contracts, providing the client can provide:

• Employer Reference or Contract of Employment

And confirm:
12 months or more continuous employment, with 6 months of the contract remaining, or,
2 years continuous service (for the last two years as at the date of application) in the same type of employment and provide:

• Latest 3 months payslips
• Invoices
• P60
• Corresponding bank statements

We will consider those on Zero Hours Contracts – 80% LTV max, subject to the following:

• The client must have been employed on a zero hours contract for a minimum of 24 months (same employer)
• 24 months’ consecutive payslips to cover the full 24 month period (preferred but not essential). If not all payslips are available, please supply as many as are available.
• P60
• Employers Reference must confirm employment over the last 24 consecutive months
  
  

Self-Employed

We are willing to consider CIS Contractors (where the customer is paying the Tax, has more than one contract, or, is employed by their own Limited Company), providing the client can evidence:

•  Last 2 years accounts,
• Accountants reference

 or

• Last 2 years SA302s (or online equivalents)
• Plus, Corresponding Tax Year Overviews

We are willing to consider Contractors/Consultants subject to the following:

• All applicants must have a current continuous contract of 12 months or longer, 

or

• Two years continuous service (for the last two years as at the date of application) in the same type of employment.

Please provide:

• Copy of the contract
• Last 2 years accounts,
• Accountants reference

or

• Last 2 years SA302s (or online equivalents)
• Corresponding Tax Year Overviews

Get in touch

Business Development Manager - Dan Goulding (covering all postcodes except CF, SA, SY and LD):

• Direct Tel: 01633 844 424
• Mobile: 07977 492 061

Business Development Manager - Greg Harry (covering postcode areas CF, SA, SY and LD):

• Direct Tel: 01792 657 463
• Mobile: 07795 514 691

Broker Enquiries:

• Direct Tel: 01633 844 380
• Email: brokers@monbs.com 

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Monmouthshire Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register Number: 206052.

Most Buy to Let Mortgages (investment type property loans) are not regulated by the Financial Conduct Authority or the Prudential Regulatory Authority.