"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"
Nottingham Building Society has announced the first of a series of changes to its mortgage criteria, designed to streamline the mortgage application process and expand eligibility for a broader range of borrowers.
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 just 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.
Alison Pallett, sales director at Nottingham Building Society, 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.”
