TSB contractor mortgages
TSB is a high-street lender with a workable intermediary route for contractors and CIS subcontractors — a mainstream option that can annualise a day rate where the case fits.
Can a contractor get a TSB mortgage?
Yes. TSB accepts contractor cases through brokers and can, where its criteria allow, work from your contract rate rather than a full set of accounts. It is a mainstream lender, so it competes on price and belongs in the comparison.
As with any high-street bank, the channel is what counts. Through an intermediary the income is framed as contract earnings; direct, it risks being read as ordinary self-employment.
TSB and CIS subcontractors
Construction Industry Scheme subcontractors are a common TSB profile. CIS income has its own quirks — deductions at source, materials to strip out — and presenting it correctly is the difference between a clean assessment and a muddled one. We prepare the figures the way an underwriter expects.
A CIS subcontractor’s labour income
Annualised (5 × 46): £50,600
Indicative borrowing at 4.5×: ≈ £227,700
An illustration; the assessed basis is settled once the case reaches an underwriter.
Do contractors pay a higher rate with TSB?
No premium applies for contracting. Your rate is a function of loan-to-value, credit profile and product — the same as for an employed borrower. Framed correctly, a contractor reaches the same shelf of deals.
TSB or a building society?
For a clean day-rate or CIS case, a high-street lender like TSB is often the simplest route. If your history is short or your accounts are early, a manually underwritten building society may give more room. We weigh both before recommending.
A note on criteria
TSB publishes intermediary criteria, but the detail that governs a contractor or CIS case is revised regularly and dates fast when republished elsewhere. We confirm the live position against your case instead of quoting a number we cannot stand behind.
Smart Mortgage Solutions is an independent, whole-of-market broker. We have no affiliation with TSB and are not endorsed by it; the lender is named here only to describe lending we can arrange. Anything we say about its approach is subject to change and is confirmed at the point of application.
Lenders we work with — a selection
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TSB contractor mortgages, answered
Does TSB accept CIS subcontractors?+
It can consider CIS income through the intermediary channel. Because CIS pays with tax deducted at source and often includes materials, the labour element has to be presented clearly — which is where a broker helps.
Can a contractor get a TSB mortgage on a day rate?+
Where the case fits, TSB can annualise a contract day rate rather than requiring years of accounts. The multiple and any minimums are confirmed at application.
Will contracting raise my TSB rate?+
No. Pricing follows loan-to-value, credit and product, not employment type. A clean contractor case is priced like an employed one.
How much deposit does TSB need from a contractor?+
Deposit requirements follow its standard loan-to-value bands, not a special contractor rule. The stronger the deposit, the wider the pricing — as with any borrower.
Should I apply to TSB directly?+
Better through a broker, especially for CIS. Presented directly, the income can be misread as generic self-employment, and a decline stays on your file. An intermediary frames it right first time.