Contractors | Accord Mortgages
Loans for contractors
Key information
Up to 95% LTV
(subject to availability)
Up to 5 x Income
Or 5.5x income with Boost LTI
Minimum 12 months left on current contract or 12 month track record contracting
Minimum 6 months track record of contract work
Sole traders, Ltd company, PAYE & Umbrella companies
Longer gaps by individual consideration
Contact your BDM
Every case managed by a dedicated underwriter
How to get started
What you need to know
Min/max loan term
- The maximum loan term is 40 years
- The minimum loan term is 5 years
- The percentage of the mortgage term occurring after age 70 must be less than 25% of the overall mortgage term.
This applies to new business and remortgaging
For product transfers, first check the term remaining on the mortgage. Make sure it qualifies for the products available and the terms allowed on those products.
Loan size and LTV limits for new builds
New build properties are subject to the following maximum loan and LTV limits:
| Property type | Loan size* | Max LTV |
|---|---|---|
| House/flat | Up to £5m | 75% |
| House/flat | Up to £1m | 85% |
| House/flat | Up to £750k | 90% |
*Some products also have a minimum loan requirement, please check this before applying.
Day rate contractors are acceptable for lending purposes if the following criteria are met:
- Contracts must relate solely to the applicant
- Up to 2 contracts can be considered subject to sustainability
- Minimum 6 months track record of contract work
- A maximum of 46 weeks income used from the current contract
- Minimum income £300 per day or £50,000 per annum.
Please note umbrella company deductions will need to be taken into account when calculating affordability.
Gaps of up to 8 weeks are considered standard, while longer gaps are assessed on an individual basis.
- Current and previous contract (s) covering at least 6 months.
- If no previous contract is available and current contract started less than 12 months ago, previous industry experience and pay should be evidenced via P60’s/ employment contract.
- If there are less than 2 months remaining on current contract, evidence of contract extension or new contract is needed.
Can be accepted provided that at least 12 months of a contract are remaining, or where there's a 12 month track record of income from contract work.
- A copy of the current contract
- A copy of the most recent bank statement
- To obtain a 12 month track record of contracts or p60s can be used (where <12 months remains on current contract)
- If <2 months remaining on current contract then evidence of contract renewal/new contract is required
- 75% LTV - Latest payslip
- Above 75% LTV - Latest 3 payslips
- Umbrella: Latest 3 months payslips/invoices and latest 3 months personal bank statements.
Applicants who are on a zero hour contract will be accepted at 60% of earnings provided they have a minimum of 12 months evidence of sustainable earning on a zero-hour contract basis, and fall into one of the following occupations:
- NHS Bank nurses and locums
- Non-NHS Bank nurses
- Care Home Workers
- Supermarket Workers
- HGV Drivers
- Retained/On-Call Firefighters
- Armed Forces Reserves
- Supply Teachers.
- Your clients last 3 payslips plus the bank statement showing the salary credit from your most recent payslip
- Copy of their current contract (excluding NHS Bank work)
- Copy of their latest P60.
Product finder
Affordability Calculator
Our Affordability Calculator will give you a quick estimate of how much your client could borrow.
Affordability calculator
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NEW BUSINESS - ACCORD MSO
To create an illustration, submit a DIP, upload documents or to track an application for new customers:
ONLINE PRODUCT TRANSFERS
Switch existing Accord clients to a new deal - create an illustration, then apply and accept a product transfer online: