Bank of Ireland accepts 12 months’ trading for self-employed

Mortgage Introducer

March 20, 2017

Bank of Ireland UK will now consider applications from self-employed contractors who have been trading for 12 months.

The bank said the change will benefit contractors who own and run their own company, operate through an umbrella company and sole traders.

Alison Pallett, (pictured) director of sales at Bank of Ireland UK, said: “As the employment landscape evolves, we must recognise that the needs of our customers are also changing.

How Just Mortgages’ self-employed division has expanded

“Contractors are a growing segment of the market, and we are delighted to respond to feedback from our intermediary network partners.

“By introducing these changes the Bank will provide further support to the self-employed.”

The bank will consider mortgages to a maximum of 90% loan-to-value, contracts with daily or hourly rates, minimum gross contracting income of £50,000 and affordability based on 80% of the applicant’s gross contract income.

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