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Coventry for Intermediaries targets contractors

Gary Adams

Coventry for Intermediaries has changed its lending policy to make borrowing for daily rate contractors easier.

Its lending policy asks for a minimum earning requirement of £50,000, for the would-be borrower to show evidence of having 12 months’ experience in the same line of work and to have at least six months remaining on their current contract.

If the last requirement is not possible, then Coventry will ask for a minimum of 24 months of experience in the same line of work, instead.

Coventry director of intermediaries Kevin Purvey says: “This policy change will enable us to lend to even more borrowers.

“By taking a common sense approach to self-employed lending and income, and introducing a proposition specifically tailored for daily rate contractors, we are recognising that the self-employed work in different ways.”

Coreco brand director Andrew Montlake adds: “As the way people work continues to change this has been a growing sector for some time now and it is fantastic that the choice available to borrowers in this area also continues to grow.”

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