Vida Homeloans has made several changes to its criteria for borrowers who are contractors.
The specialist lender has reviewed and enhanced affordability, with self-employed contractors now able to borrow up to 48 times their weekly rate.
Vida also confirmed it will consider contractors with a minimum track record of one year’s employment within the same line of work. Contractors can apply for a mortgage if they only have three months left on their contracts, the lender added.
This is the first of a number of changes that Vida has indicated it will make to improve its offering for the self-employed sector.
Vida director of mortgage distribution, Richard Tugwell, commented: “Vida is a forward looking and nimble business, and our aim is to ensure we consistently deliver a first-class intermediary experience and provide a great range of product options for broker’s clients.
“We are determined to provide attractive, accessible products that support contractors and the wider self-employed market, who have been cut out of traditional high-street lending. We continue to see strong demand from our intermediary partners and want to continue growing our lending and offering a great service to brokers and customers.”
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