The changes are designed to support contractors
Nottingham Building Society has made changes to its mortgage criteria, streamlining the application process and expanding eligibility for a broader range of borrowers.
The first of a series of criteria changes has seen The Nottingham reduce the minimum length of time a contractor must have worked on fixed-term contracts in the same profession to just 12 months.
There is also no minimum time required on their current contracts, and contractors working via an umbrella company are acceptable using 46 weeks’ income.
The mutual, which reported growth in profits and mortgage lending in the past year, said the aim of the changes was to make it easier for contractors to secure a mortgage with The Nottingham and to help more individuals in their pursuit 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,” said Alison Pallett (pictured), sales director at Nottingham Building Society.
“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.”
Pallett said The Nottingham would continue to evolve its mortgage offerings to meet the changing needs of its customers and explore other ways to support various segments of the population on their homeownership journey.
“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,” she added.
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