How to Hub
Do you have any CIS contractors asking for mortgages?
If you have a customer who is Self-employed and works in the Construction Industry, it’s always best to double check if they are on the CIS Scheme. Here is why:
- We only require that the CIS Contractor be on the CIS scheme for 3 months (or 6 months if FTB). Some high street lenders require the CIS Contractor to be on the scheme for 2 years minimum.
- If you are working income from payslips rather than an SA302 for affordability, income should be based on 46 weeks. To work this out, for weekly paid add up the last 12 weekly payslips, then divide that figure by 12 and times by 46. For monthly paid applicants add up the last 3 months payslips, divide that figure by 3, times by 12, giving you the average annualised figure, then calculate 46 weeks out of that 52. Add the outcome of either of the calculations to the basic salary box on the DIP.
- When you are using the average annualised income as above, please key the CIS contractor as PAYE Employed onto our DIP system, not as self-employed or a contractor.
- We offer residential mortgages up to 85% LTV for CIS contractors with low credit score. Some high street lenders need a 999 score.
FOR INTERMEDIARIES ONLY
