30 May 2017
Loans up to and including 90% LTV
- For cases up to 90% LTV, the Society will consider Fixed Term Contracts applications where the applicant has had continuous employment of 12 months or more and has 6 months of their current contract remaining, or the applicant has 2 years continuous service in the same type of employment.
Loans over 75% and up to 90%
- a copy of the current employment contract or an employers’ reference is required as proof of income and employment, as well as 3 months’ payslips and 3 months’ bank statements.
Loans under 75% LTV
- a copy of the current employment contract or an employer’s reference is required as proof of income and employment, as well as 1 month’s payslip and bank statement.
NB.
- The Society will normally only consider the income from a fixed term contract where the contract is likely to be renewed.
- Applicant(s) who are on a fixed term contract, but who invoices the employer via their own business (Limited Company), are treated as a self employed applicant(s).
- The Society will not consider fixed term contracts in cases over 90% LTV.