The mutual has reduced the minimum length of time a contractor must have worked on fixed-term contracts in the same profession to 12 months.
The firm has also said that there is no minimum time required on their current contracts and contractors working through an umbrella company can be accepted using 46 weeks income.
Nottingham Building Society said that the changes would make it easier for contractors to secure a mortgage with the mutual and was a reflection of how the “employment market is evolving”.
In an interview with this publication, Nottingham Building Society said that that there was a real need for the mortgage industry to “look at the way people work and look at affordability”. She pointed to people having more than one job and people working on fixed-term contracts.
Nottingham Building Society’s sales director Alison Pallett said: “We’re excited to be able to adapt our criteria for contractors, as we continue to help more people achieve their dreams of home ownership.
“The world of work is evolving; from construction to health and social care, more and more people work on contracts, and it is imperative that the industry reacts in tandem – especially as contracting allows greater flexibility within the workforce.”
She added: “These changes reflect our unwavering commitment to empowering contracted workers to access mortgage financing more easily. We hope to have further exciting developments to announce shortly, so keep an eye out for them.”
