In recent months the number of lenders offering mortgages based on employment contracts has increased. The general rule is that to fit policy you must fit one of two rules –
a) You must have a continuous employment history of working on a contract basis for the last 24 months
b) You must prove a continuous employment history of working on a contract basis for the last 12 months, with 6 months remaining on your current contract.
There are a few exceptions to these rules, should you fit rule a) and have 6 months remaining on your current contract then the last 24 months employment history can be made up of either employed or self employed employment contracts so long as your chosen field i.e. IT, media, nuclear, health etc has not changed.
Applications from customers employed on a Construction Industry Scheme (CIS) will be considered. An average of the latest 6 months income should be used and evidence of the income for these applicants must be provided.
Applications from customers employed on a zero hours will be considered. The total of the last 12 calendar months income only will be used and the income must be evidenced.