The Nottingham Building Society has recently announced a relaxation of its lending criteria for contractors. This is great news for those who are self-employed or work on a contract basis, as it means they now have access to more competitive mortgage products.
The Nottingham Building Society is one of the UK’s largest building societies, and has been providing mortgages since 1845. It has traditionally been seen as a lender that is more conservative than other lenders, but this new move shows that it is willing to be more flexible in its approach.
Under the new criteria, contractors will be able to apply for mortgages with the Nottingham Building Society without having to provide two years of accounts. This is a big change from the previous policy, which required two years of accounts for all applicants. The new criteria also allows contractors to use their contract income to qualify for a mortgage, as long as they can demonstrate that they have been in their current role for at least six months.
This move by the Nottingham Building Society is great news for contractors, as it makes it easier for them to access competitive mortgage products. It also shows that the lender is willing to be more flexible in its approach to lending, which is a positive sign for the industry as a whole.
The Nottingham Building Society’s decision to relax its lending criteria for contractors is a welcome move, and one that should make it easier for those who are self-employed or work on a contract basis to access competitive mortgage products. It is a sign that the lender is willing to be more flexible in its approach to lending, which is great news for the industry as a whole.