Bank of Ireland UK introduces new support for the self-employed

20 March 2017

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Bank of Ireland UK will now consider applications from professional self-employed contractors who have been trading for at least 12 months and will use the current contract for the purpose of verifying income. This allows contractors to apply with a shorter trading period than is required under the standard self-employed criteria and eliminates delays waiting for accounts to be prepared. This change will be of benefit to contractors who own and run their own company, those who operate through an umbrella company and sole traders.

The Bank will now consider:

  • Maximum 90% LTV

 

  • Contracts expressed in daily or hourly rates

 

  • Minimum gross contracting income of £50,000

 

  • Affordability based on 80% of the applicants gross contract income

Alison Pallett, Director of Sales, Bank of Ireland for Intermediaries commented:

As the employment landscape evolves, we must recognise that the needs of our customers are also changing. Contractors are a growing segment of the market, and we are delighted to respond to feedback from our intermediary network partners. By introducing these changes the Bank will provide further support to the self-employed.

For all press enquiries please, contact Sara Holland on 07831 718436 or email sara.holland@boi.com.

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