Contractor Income: IT Consultant

Our standard acceptability

Acceptable

Criteria definition:

Displays if we will accept IT Contractor as an acceptable source of income for affordability purposes.

Policy Notes:

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.

Criteria categories:

• contractor income
• income

Last updated:

29 August 2018