This include the requirement to show evidence of a minimum of 12 months’ experience in the same line of work, reduced from 24 months from the main self-employed policy.
Coventry for intermediaries haswidened its lending requirementsfor self-employed daily rate contractors.
This include the requirement to show evidence of a minimum of 12 months’ experience in the same line of work, reduced from 24 months from the main self-employed policy, and to have a minimum of six months left on their current contract.
Kevin Purvey, director of intermediaries, said: “We continue to be a great choice for self-employed borrowers and this policy change will enable us to lend to even more borrowers.
“By taking a common-sense approach to self-employed lending and income, and introducing a proposition specifically tailored for daily rate contractors, we’re recognising that the self-employed work in different ways.”
There’s a minimum earning requirement of £50,000. Coventry for intermediaries said brokers should calculate their client’s gross earnings by using the calculation ‘day rate x five days x 41 weeks’.
The policy also includes evidence of 24 months’ continuous employment in the same line of work if there is less than six months left on their contract.
If a daily rate contractor doesn’t meet these updated requirements, Coventry for intermediaries could still lend to them on a self-employed basis but using its policy for sole traders or directors with 20% or more shares.
Andrew Montlake, brand director of Coreco, added: “Coventry has always been a friend of the self-employed borrower, so today’s entry into the daily rate contractor market is a welcome addition to their offering.
“As the way people work continues to change this has been a growing sector for some time now and it is fantastic that the choice available to borrowers in this area also continues to grow.”
