Vida Homeloans has updated its criteria for borrowers who are contractors, including enhancing affordability and moving income requirements from two years to one year.

The changes, which aim to broaden and improve Vida’s product offering, will allow self-employed contractors to borrow up to 48 times their weekly rate.

Vida will now consider contractors from day one with a minimum track record of one year’s employment within the same line of work. Contractors will also be able to apply for a mortgage with only three months left on their contracts.

The latest changes come after Vida made several residential and BTL (buy-to-let) criteria enhancements, including a bespoke key worker product, a flex range, an extended help to buy range, extending the expat list, as well as making 90% LTV mortgages available on all houses and flats.

Commenting on the updated criteria, Vida’s director of mortgage distribution Richard Tugwell says: “We are determined to provide attractive, accessible products that support contractors and the wider self-employed market, who have been cut out of traditional high-street lending.”

“We continue to see strong demand from our intermediary partners and want to continue growing our lending and offering a great service to brokers and customers,” he adds.