Newcastle Building Society has enhanced its criteria for contract workers and lending into retirement to “create more options” for borrowers.
In an update to brokers, the lender said that on the contract worker side, it would consider early career teachers in the second year of the programme.
Newcastle Building Society will also look at day rate contractors with a minimum of one month remaining on their current contract, previously three months, and 12 months’ contracting experience.
The firm will also consider zero hour contractors, subject to a two-year track record in the same industry.
The company will also look at 100 per cent of nurse bank workers’ income, subject to a two-year track record of P60s, and junior doctors in Foundation Year 2 onwards.
The mutual has altered its lending into retirement criteria, so it will look at retirement age from the state pension age to age 70.
The company said that for applications with more than 10 years from age 70 at the time of application, affordability can be decided based on earned income. Brokers will need to submit evidence of pension contributions for the last 12 months.
For mortgages with less than 10 years remaining until age 70, affordability calculations will be based on the client’s “Plan B”. If this includes pension income, proof of current pension projections or evidence of a “Plan B” will be needed.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
