Nottingham Building Society has announced the first of a series of changes to its mortgage criteria, with the aim of helping a greater number of individuals to buy a home.
The first changes being announced have seen The Nottingham reduce the minimum length of time a contractor must have worked on fixed-term contracts in the same profession to 12 months. In addition, there is no minimum time required on their current contracts and contractors working via an umbrella company are acceptable using 46 weeks income.
The aim of these changes is to make it easier for contractors to secure a mortgage with The Nottingham and reflects how the employment market is evolving.
Alison Pallett, Nottingham Building Society sales director, said: “We’re excited to be able to adapt our criteria for contractors, as we continue to help more people achieve their dreams of home ownership. The world of work is evolving; from construction to health and social care, more and more people work on contracts, and it is imperative that the industry reacts in tandem – especially as contracting allows greater flexibility within the workforce.
“These changes reflect our unwavering commitment to empowering contracted workers to access mortgage financing more easily.
“We hope to have further exciting developments to announce shortly, so keep an eye out for them.”