Bank of Ireland, through its Bespoke range, is one of the clearest day-one contractor lenders in the market — no minimum contracting history and no minimum contract length, assessed against a defined set of rules. For the professional moving from employment into contracting who wants to buy now rather than wait, it is often the first name on the list. This guide explains how the Bespoke approach works and who it suits.
Approach is stable; exact figures — multiples, LTV, minimum day rate — are confirmed at application.
The headline is simple: Bank of Ireland’s Bespoke range will assess a contractor from the first day of their first contract, with no requirement for a track record of contracting behind them. It reads the case against a clear set of criteria (its ‘Five Golden Rules’ approach), using the current contract as the evidence of income. For someone three weeks into their first engagement, with an established professional background, that is the difference between buying now and being told to come back in two years.
There is also no minimum contract length requirement for qualifying contractors — useful for those whose first contract is short, which many are. The Bespoke rules define who fits, so not every profile qualifies, but for the mainstream day-one case it is one of the most accommodating routes available.
Assessment uses the market-standard annualisation:
Day rate x 5 days x 46 weeks = assessed annual income
The income multiple is applied to that annualised figure. 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 the live Bespoke criteria. Because it works from the contract, drawings do not reduce the assessment, so a tax-efficient limited company contractor is assessed on the full rate.
A typical Bespoke application is built around the current contract (the central evidence), a CV or work history establishing the professional background behind the first contract, bank statements, and proof of deposit and identity. Bank of Ireland prefers clean credit; adverse cases go to specialists. Its Bespoke contractor lending is accessed through intermediaries, so a broker is the route in.
The sweet spot is the newly contracting professional — strong employed background, first or early contract, clean credit — who wants to buy without waiting. If that is you, Bank of Ireland should be on your shortlist.
Illustrative only, using the standard 5 x 46 method and a typical 4.5x multiple; your figure depends on the live Bespoke criteria and your circumstances.
A Bespoke application lives or dies on the professional-background evidence, because that is what supports day-one lending. Lead with a CV or work history that shows the continuous professional thread from employment into the new contract, so the underwriter can see the experience behind a short or first engagement. Then present the current contract clearly as the income evidence.
Because it is accessed through intermediaries, a Bespoke case is packaged for you by your adviser to fit its rules — which is exactly where a contractor specialist adds value on this lender.
Bank of Ireland’s Bespoke range suits the newly contracting professional above all — strong employed background, first or early contract, clean credit — who wants to buy now rather than wait. Its no-minimum-history, no-minimum-contract-length approach is built for exactly that person.
It suits you less well if you have adverse credit, or if your case needs the flexibility of a manually underwritten specialist — Bespoke is a defined-rules route, not a bespoke-negotiation one despite the name.
Yes — its Bespoke range is a leading day-one option, with no minimum contracting history and no minimum contract length for qualifying contractors, assessed against a defined set of rules. Exact terms are confirmed at application.
Its Bespoke approach has no minimum contract length requirement for qualifying contractors, which helps those on short first contracts. Specifics are confirmed at application.
On the day rate, annualised as rate x 5 x 46, using the current contract as evidence rather than requiring accounts. Drawings do not reduce the assessment.
They are the framework Bank of Ireland uses to assess Bespoke contractor cases against clear criteria. The current detail is confirmed at application; as a broker we package the case to fit.
Yes to both, with appropriate evidence for each structure. Umbrella contractors should lead with the Key Information Document.
Its Bespoke contractor lending is accessed through intermediaries. As a whole-of-market broker we can place qualifying cases with it.
No — the Bespoke range has no minimum contracting history for qualifying contractors, assessing you from the first day of your first contract. What supports the case is your professional background, evidenced by a clear work history, rather than time spent contracting.
Bank of Ireland’s Bespoke approach has no minimum contract-length requirement for qualifying contractors, which specifically helps those whose first engagement is short — common for new contractors. The specifics are confirmed at application.
Want to know whether Bank of Ireland is the right lender for your contract — or which lender is? As a whole-of-market brokerage we compare Bank of Ireland against the rest of the market and confirm live criteria for your circumstances before you apply.