Coventry Building Society is one of the few high-street lenders with clear, detailed policy for contractors. Whether you’re on a day rate, PAYE, umbrella payroll, or even zero-hour contract, Coventry’s lending rules are transparent — but you’ll need to meet strict requirements on contract history, remaining term, and income documentation.
At Mortgage Knight, we package applications to fit Coventry’s criteria exactly, making approval smoother and quicker.
Clear, formula-based affordability (day rate × 41 weeks).
Umbrella, PAYE, zero-hour accepted if documented properly.
£50k minimum gross income for day-rate contractors.
High LTV options (up to 95%).
Trusted high-street lender with competitive rates.
Challenge: Only 5 months left on contract.
Solution: Proved 24 months’ prior IT employment + provided full contract history.
Outcome: Approved at 80% LTV with Coventry.
Challenge: Variable hours, income not consistent month-to-month.
Solution: Submitted 12 months’ payslips + P60 showing consistent annual income.
Outcome: Approved with 85% LTV product.
Challenge: Unsure how umbrella deductions would be treated.
Solution: Packaged payslips, contracts, and 2 months’ bank statements.
Outcome: Accepted without further underwriting queries.
Day rate × 5 × 41 weeks (or weekly rate × 41 if paid weekly).
Yes, £50,000 gross annually for day-rate contractors.
Yes, if you can prove 12 months’ consistent earnings in the same role.
You’ll need to show 24 months’ continuous employment in the same profession.
Yes, provided continuity and income proofs are in line with Coventry’s requirements.
We know exactly how Coventry assess contractors and package your case to pass underwriting first time. Whether you’re day-rate, PAYE, umbrella, or zero-hour, we’ll find the right route.
