esbs expands mortgage criteria for construction workers

At esbs we take the time to carefully consider each mortgage application individually, to enable as many househunters as possible the opportunity to move onto, or up, the property ladder, or to simply refinance an existing mortgage. Some groups, like the self-employed, can find it more difficult to secure a mortgage from lenders but at esbs we always try to assist specialist groups.

Our latest example of this relates to Construction Industry Scheme (CIS) workers. At esbs, CIS workers traditionally fell under the category of self-employed, but in an effort to simplify the application process for these short-term contract workers we have created tailored criteria.

esbs can now loan up to £250,000 on CIS income, without accounts or tax returns, provided the following is met:

  • Employment reference received and stating that there are no plans to change the employment
  • Proof of 24 months in the industry
  • The applicant must have been with the same employer for at least six months with no more than two employers in the previous 12 month period
  • Gross income is calculated at hourly rate x7 or daily rate x5 x 46 weeks
  • Net income for affordability would be an average of the last six months’ payslips. National Insurance contributions would also need to be deducted for affordability purposes

Please be aware that applicants on seasonal contracts will not be not accepted. Additionally, if applicants choose to manage their own tax by setting up a limited company or contract on a self-employed basis, or are working across different employers, then they should be considered to be self-employed and we will therefore need to see those accounts and tax returns.

To apply for a mortgage you must be aged 18 or over. All applications will be subject to valuation, status and the Society’s Mortgage Conditions. We offer an advised sales process where we ask questions regarding your mortgage requirements/needs and your income and expenditure to ensure that we recommend the most suitable product for you. We will accept applications from applicants purchasing or remortgaging in England or Wales. For further information, or for a European Standardised Information Sheet (ESIS), please call on 01455 844422 and speak to one of our mortgage advisers, visit one of our branches, email mortgage@esbs.co.uk, or visit www.esbs.co.uk

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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