bank of ireland contractor mortgages

Bank of Ireland is known for its contractor-friendly approach, readily accepting and considering applications from both day rate and hourly rate contractors.

Whether you’re a contractor operating through your own limited company or via a payroll umbrella, Bank of Ireland will assess and consider your application.

Bank of Ireland’s Guidelines for Day Rate Contractors:

  1. Minimum Gross Contract Value: Bank of Ireland requires a minimum gross contract value of £50,000 for contractor applications. This is equivalent to a daily rate of £193 or an hourly rate of £25.65, based on a standard 37.5-hour week.
  2. Contracting History: Applicants need to have at least 12 months of contracting experience. Bank of Ireland requires proof of this one-year minimum contracting period.
  3. Remaining Contract Duration: The bank expects to see a remaining contract duration of at least four weeks. Understanding the short-term nature of contracts, Bank of Ireland does not insist on a longer duration. However, for contracts with less than four weeks remaining, they may request evidence of an extension or a new contract.
  4. Continuous Employment: Bank of Ireland prefers a continuous work history over the previous 12 months. Short breaks, like holidays, are acceptable, but extended gaps may necessitate exploring other contractor-friendly lenders.
  5. Shareholding Consideration: The bank takes into account the applicant’s relevant shareholding in a limited company when calculating gross contract value.
  6. Gross Contract Value Calculation: To determine gross contract value, Bank of Ireland multiplies the daily rate by five (for a working week) and then by 52 weeks, using 80% of this value for affordability assessments. They do not use the previous year’s average for daily rate calculations.Example Calculations:
    • Daily Rate: £193 x 5 days x 52 weeks = £50,180 (80% of this value used for affordability).
    • Hourly Rate: £25.65 x (stipulated or 37.5 hours default) x 52 weeks = £50,017.50.

Required Documentation for Application:

  • Proof of ID (e.g., Passport or DVLA Licence).
  • Two proofs of address (Utility Bill and Council Tax Bill).
  • Current contract with terms and conditions (signed and dated).
  • Previous contract to evidence a 12-month contracting history.
  • An up-to-date CV demonstrating a strong work record.
  • Three months of personal and business bank statements.

Providing all necessary documentation upfront facilitates a smooth application process and enables Bank of Ireland’s underwriters to make a prompt and favourable decision.

For property purchases, proof of deposit or a gifted deposit letter is required. We will provide the template for the letter if needed.



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