Nottingham Building Society has deliberately broadened its criteria for the self-employed, contractors and foreign nationals, occupying a useful upper-mutual middle ground — more flexible than the mainstream giants, more conventionally priced than the deep specialists. For the moderately non-standard case it is often the right balance of flexibility and cost. This guide covers how it assesses income and where it fits.
Approach is stable; figures are confirmed at application.
Nottingham assesses qualifying contractors on the day rate or contract value, using the standard annualisation where a day rate applies:
Day rate x 5 days x 46 weeks = assessed annual income
Its multiple is applied to the annualised figure, read with manual consideration where needed. A £500 day rate assesses at £115,000; at 4.5x that is around £517,000 of indicative borrowing — illustrative, and dependent on your circumstances and Nottingham’s live criteria.
Nottingham’s deliberate widening of criteria for contractors and self-employed makes it a good home for cases that are a little outside the mainstream template but not deeply complex. It also has appetite for foreign nationals and visa holders, adding compound-case utility — a contractor who is both newly self-employed and on a visa, for instance, may find Nottingham reads both together. Specifics are confirmed at application.
A typical application is built around the current contract, work history, bank statements and proof of deposit and identity. Pricing sits in the upper-mutual band — a modest premium over the rate-leading giants for the flexibility. Its sweet spot is the moderately non-standard contractor or self-employed case, including foreign nationals, that the mainstream finds slightly awkward.
Illustrative only, using the standard 5 x 46 method and a typical 4.5x multiple; Nottingham applies manual consideration where needed.
Nottingham handles the moderately non-standard case, so present the elements that make it non-standard clearly: the contract, and — where relevant — the visa position or the short self-employed history, with a brief explanation of the wider circumstances. That lets its broadened criteria and manual consideration do their work.
For a foreign-national case, document the visa type, time in the UK and remaining leave up front, as those are assessed first.
Nottingham suits the moderately non-standard contractor or self-employed case — a shorter history, a visa alongside contract income, a field the mainstream treats cautiously — that needs more flexibility than the giants but not the full specialist premium.
It suits you less well if your case is entirely standard (cheaper mainstream options exist) or genuinely complex or adverse (a deeper specialist fits better).
Yes — it has deliberately broadened criteria for contractors and self-employed, suiting the moderately non-standard case. Exact terms are confirmed at application.
Yes — visa-holder and foreign-national appetite is part of its approach, adding compound-case utility. Specifics are confirmed at application.
On the contract or day rate for qualifying contractors, annualised as rate x 5 x 46 where a day rate applies, with manual consideration where needed.
In the upper-mutual band — above the rate-leading giants, below the deep specialists — a modest premium for the flexibility.
Yes to both, with the contract or assignment rate as the income basis.
Mild, explainable adverse may be considered; deeper histories are better matched to specialists.
Yes — Nottingham has appetite for foreign nationals and visa holders, which combined with its broadened contractor criteria makes it useful for compound cases such as a newly self-employed contractor on a visa. Document the visa position clearly; specifics are confirmed at application.
In the upper-mutual band — above the rate-leading giants but below the deep specialists. You pay a modest premium for the extra flexibility, which is worth it where a mainstream lender would decline but a full specialist would be dearer than necessary.
Want to know whether Nottingham Building Society is the right lender for your contract — or which lender is? As a whole-of-market brokerage we compare Nottingham Building Society against the rest of the market and confirm live criteria for your circumstances before you apply.