Nottingham Building Society has cut the minimum length of time contractors must have worked on fixed-term contracts to make it easier for these workers to secure a mortgage.  

The mutual says the minimum length of time a contractor must have worked on fixed-term contracts in the same profession is now 12 months.   

It adds there is no minimum time required on their current contracts, and contractors working under an umbrella company are acceptable for the firm’s home loans using 46 weeks of income.  

Nottingham Building Society sales director Alison Pallett says: “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.  

“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.”