KRBS will consider applications from day rate contractors.
Whether you are a contractor operating through your limited company or through a payroll umbrella, KRBS will take a view and consider your application.
KRBS’s policy towards day rate contractors is as follows:
- KRBS have a minimum day rate of £275
- Great lender for limited company buy to let’s
- Will consider applications from most professions.
- Have some products for an 80% LTV buy to lets, meaning that you only need a 20% deposit.
- KRBS require you to have at least one renewal under your belt.
- Great if you have not been contracting for at least 12 months and are not in IT
KRBS will calculate your gross contract value in the following way:
- KRBS tend to take your day rate then multiply by 5 days then multiply this by 48 weeks to reach the gross contract value.
- They will not utilise the average of the previous year to reach an average day rate. For example, if on a day rate or hourly rate
- £350 per day x 5 days x 48 weeks = £84,000 gross contract value
- £42 per hour x (number of hours stipulated or 37.5 hours default) x 48 weeks = £75,600 gross contract value
In order to package your application, we will require:
- Proof of ID such as Passport or DVLA Licence
- Proof of Address such as Utility Bill or Council Tax Bill
- Current Contract with the Terms and Conditions, needs to be signed and dated
- Previous contract to evidence renewal.
- Up to date CV to enable us to demonstrate that you have an excellent track work record
- 3 months of personal and business bank statements
- If purchasing, then we will require proof of deposit or a gifted deposit letter and requirements if this is being gifted, we will provide you with the template for the letter required.
Having everything up front makes our job easier and ensures that we can present your application to the KRBS contractor mortgages underwriter in a presentable fashion so that they can swiftly make a decision that will be positive.