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Coventry intermediaries logo0800 121 7788 Monday to Friday 9am - 5pm. Closed on bank holidays.

Flexible working requires flexible lending

A daily rate contractor is someone who works for an agreed daily rate rather than a salary.

It’s a more flexible way of working and our self-employed policy is designed to support clients who choose this option.

What's our criteria?

We lend to daily rate contractors and we’ll use their daily rate for affordability purposes, as long as they meet the following criteria:

Income - minimum £50K gross

Calculated using ‘day rate x 5 days x 41 weeks’

Experience - minimum 12 months

Contracting in the same line of work

Current contract - minimum 6 months remaining

Or 24 months’ continuous employment in the same line of work.

If your client doesn’t meet these requirements, we could still lend to them on a self-employed basis - they’ll need to meet our policy for sole traders or directors with 20% or more shares (take a look at our employment criteria).

We’ll also need these documents:

  • Latest two months’ personal bank statements (for first time buyers only)
  • Evidence of continuous contract employment over the last 12 months
  • Evidence of six months remaining on current contract OR 24 months’ employment in the same profession

How to apply - top tips:

  • Fill in the application form as normal
  • On the ‘Employment and income’ screen, go to ‘Employment Type’ and select ‘Contract/Daily Rate Contractor’ from the drop down menu
  • Select ‘Yes’ when asked if the applicant is a Daily Rate Contractor
  • When entering gross annual income, calculate using ‘day rate x 5 x 41’