Contractor Income: IT Consultant
Our standard acceptability
Displays if we will accept IT Contractor as an acceptable source of income for affordability purposes.
IT contractors are usually paid via their own limited company and so are self-employed. In this instance we would treat them as we would any self-employed individual.If they are employed on a PAYE basis (sometimes through an 'umbrella company' we can consider them under our contractor criteria (maximum 70% LTV). The minimum daily rate would have to be £350 per day and two years consistent history of contracting would need to be provided. We calculate income for 'employed' contractors as daily rate times 5 days times 48 weeks.
- contractor income
29 August 2018