Aldermore is a leading specialist for contractors whose case carries one extra complication beyond a clean profile. It pairs day-one acceptance with genuine flexibility on the messier realities of contracting — gaps between contracts, mild adverse credit, and even simultaneous contracts. When a case is sound but does not fit the mainstream template, Aldermore is frequently the first specialist to look at. This guide covers how it assesses income and where it fits.
Approach is stable; figures are confirmed at application.
Aldermore will assess a contractor from the first day of their first contract — no track record of contracting required — and then layers on flexibility that the day-one high-street routes do not. It can consider gaps between contracts, mild and explainable adverse credit (including discharged bankruptcy after a period), and contractors running more than one contract at once. That combination — day-one plus flexibility — is what makes it a specialist rather than just another day-rate lender. Specifics are confirmed at application.
Aldermore reads contractor income manually, with the day rate annualised in the standard way:
Day rate x 5 days x 46 weeks = assessed annual income
A £500 day rate assesses at £115,000; at a standard 4.5x that is around £517,000 of indicative borrowing — illustrative, and dependent on your circumstances and Aldermore’s live criteria. The manual approach means an explainable complication is weighed in context rather than triggering a decline.
A typical application is built around the current contract, work history, bank statements and proof of deposit and identity, with a clear explanation of any complication — a gap, a credit event, concurrent contracts. Aldermore’s pricing sits above the mainstream: the premium buys the flexibility. The deepest adverse is better matched to rehabilitation specialists. Its sweet spot is the day-one or transitional contractor whose case carries one extra complication that the high street cannot accommodate.
Illustrative only, using the standard 5 x 46 method and a typical 4.5x multiple; Aldermore reads the case manually.
Aldermore’s value is flexibility, so give its underwriters what they need to use it: the contract, the work history, and a clear, honest explanation of any complication — a gap, a credit event, concurrent contracts. An explained complication is weighed in context; an unexplained one invites caution.
Where you are day-one or transitional, a strong work history showing the professional background behind the new contract supports the case.
Aldermore suits the day-one or transitional contractor whose case carries one extra complication the high street cannot accommodate — a gap between contracts, mild adverse credit, simultaneous contracts, a very recent start. It is the natural first specialist for the sound-but-not-textbook case.
It suits you less well if your case is clean and standard (a mainstream lender will be cheaper) or if you have deep adverse credit needing a rehabilitation specialist.
Yes — day-one acceptance is core to Aldermore’s contractor proposition, stacked with flexibility on gaps and mild adverse. Exact terms are confirmed at application.
Yes — gaps are within its flexible appetite, read in context rather than against a rigid rule. Specifics are confirmed at application.
Yes — mild, explainable adverse (including discharged bankruptcy after a period) can be considered. We triage the right tier for your profile.
Yes — running more than one contract at once is within its appetite. Specifics are confirmed at application.
On the day rate, annualised as rate x 5 x 46, read manually using the current contract as evidence.
Its pricing sits above the mainstream — the premium buys day-one acceptance and flexibility on gaps and mild adverse. Where the profile will mature we plan the mainstream remortgage exit.
Yes — gaps are within its flexible appetite, read in context rather than against a rigid rule. A clear explanation of the gap and a work history showing the pattern of contracts around it is what lets Aldermore weigh it favourably. Specifics are confirmed at application.
Aldermore can consider mild, explainable adverse credit, including discharged bankruptcy after a period, alongside day-one lending — a combination few lenders offer. The right tier depends on your specific history, which we triage before applying.
Want to know whether Aldermore Bank is the right lender for your contract — or which lender is? As a whole-of-market brokerage we compare Aldermore Bank against the rest of the market and confirm live criteria for your circumstances before you apply.