Following the changes, the society now only requires one month remaining on the current contract, reduced from a previous minimum of three months.
Additionally, the lender is also making a policy change to buy-to-let pound-for-pound remortgages, which will all be calculated using an income coverage ratio of 125%, @5.5% or 5% (if 5-year fixed or longer).
Simon Butler, Director at CMME, said: "We highly value and welcome the continued support of Skipton in the contractor space, notably their willingness to listen to ongoing feedback around the challenges our clients face in securing a mortgage.
“CMME sees more and more of the pre-pandemic 6-12 month contracts now offered over 3 months or less so this is a great change to their already contractor-friendly policy that will help many more of our customers.”
John Scrivens, Regional Manager at Skipton Building Society for Intermediaries, concludes: “We're pleased to announce these changes to our lending criteria, to support brokers to help more of their clients own their own homes. It's all part of our mission to make things easier for brokers."
