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How to get a mortgage being a Contractor
We understand that ‘one size does not fit all’, especially for contractors.
We offer innovative mortgage products designed to provide solutions for contractors who are often overlooked by their own bank.
Many high street banks will ask for your last two years’ tax returns or limited company accounts if you have them. To make matters worse. they’ll often use an average over the last two years, potentially leaving you short of where you’d like to be.
Sound familiar???
Well, don’t get yourself down, you’re about to witness the power of having a team of contractor mortgage experts in your corner!
Our unique approach involves manually underwriting mortgages with common sense, without relying on credit scoring. This, along with our deep knowledge of the contractor mortgage market brings solutions you never thought possible.
If you want to take advantage of getting a mortgage approved based on your day rate, then you’ve come to the right place. We’ll work off your most recent contract and completely ignore your tax returns.
Our lenders love contractors, and with exclusive deals at high street rates, your mortgage dreams can finally become a reality.
Do You Qualify as a Contractor?
We help all types of contractors secure mortgages, regardless of how you are structured:
- PSC (Personal Service Company) contractors: Operating through your own limited company, assessed on day rate and contract history rather than dividends alone.
- Umbrella company contractors: We assess your gross contract income rather than net umbrella payslip figures, which often understate your true earning power.
- Agency PAYE contractors: Even if you are paid via an agency, your day rate and contract length can still work in your favour with the right lender.
- Inside or outside IR35 contractors: Your IR35 status affects how some lenders view your income, and we match you to lenders comfortable with your specific setup.
Whatever sector you contract in, whether IT, engineering, healthcare or construction, we know which lenders understand your income structure.
If you contract through your own limited company, our Limited Company Director Mortgages page covers how salary, dividends and retained profit are assessed.
What Documents Do Contractors Need for a Mortgage Application?
When you’re a contractor applying for a mortgage, lenders want evidence, not guesses. The documentation you provide is extremely important to the outcome of your income, which often comes in bursts or via contracts. Here’s what contractors typically need:
- Current contract confirming day rate or hourly rate: This shows how much you’re earning right now and what your agreed rate per hour/day is.
- Confirmation of the number of contracted hours per week/month: This provides a clear basis for calculating income and verifying earning consistency.
- New upcoming contracts or copies of previous contracts: This demonstrates your earning history and provides an indication of future earnings potential.
- Business bank statements: Usually the last 3-6 months to show regular payments in, outgoings and general financial stability.
- Personal bank statements: These show your spending habits, regular commitments and your overall ability to make repayments.
- SA302s and/or tax calculations: Some lenders will still want your formal tax documents, though our service can sometimes bypass this requirement if your contract/income evidence is strong.
- Proof of ID & address: Standard, but essential. This usually includes your passport or driving licence alongside utility bills or something similar.
How Is My Income Assessed as a Contractor?
Lenders don’t all work the same way when it comes to contractors, so understanding how yours might assess you helps you prepare:
- Based on your day rate & near-current contract: Some lenders will put more weight on your latest contract’s rate rather than averaging past tax returns.
- Annualised earnings from contracts: Most specialist lenders annualise your income by multiplying your day rate by a set number of working days per year, commonly 46 or 48 weeks (230 to 240 days) to account for holidays and downtime. This single calculation can be the difference between a decline from a high street bank and a mortgage offer that reflects your real earning power.
- Historical earnings & invoice history: Lenders will look at your contract completion and invoice regularity over the past months or years to see whether you’re stable or fluctuating.
- Outgoings/deductions: If you have business expenses or gaps in contract work, these may be taken into account. That’s why clear expense records help when applying for a mortgage as a contractor
- Credit & affordability checks: Even with strong contract evidence, lenders will check your credit history and other financial obligations (such as loans and credit card debt) to ensure mortgage repayments are viable.
How We Help Contractors Borrow More
We help increase what contractors can borrow whilst helping them to secure their dream home on the most favourable terms:
- We leverage your best contracts: If you have a high day rate or an upcoming contract, we make sure that it counts heavily, rather than downplaying it.
- Manual underwriting & “common sense” assessments: We don’t just use automated systems – our underwriters look at your full financial story, which can include contract history, bank statements and invoices.
- We partner with lenders who understand contractors: Some lenders specialise in contractor mortgages and are more flexible with contract lengths, gaps and non-payroll income. We match you to those.
- Reducing reliance on tax returns when possible: If your contract and invoice history are strong, we can sometimes work with or around lenders who usually demand tax returns.
- Maximising your income within affordability rules: We help you structure your application to use day rate, contract length and likely working days to show full earning potential.
Why Work With Us
Here are just a few ways we’re DIFFERENT from other companies
Self-Employed
Specialists
Specialists
In-House
Underwriting
Underwriting
Borrow
More Money
More Money
Proven
Success Rate
Success Rate
Contractor Mortgage Success Story
Jagroop, a contractor and his partner Jasmeen, got the best mortgage terms with our expert help, avoiding lengthy documentation. They remortgaged in six months and are now excitedly renovating their new home
The new wave method
Here’s the SIX STEPS to GUARANTEE Self-Employed Mortgage SUCCESS
Pro-TIP:
Contractors Mortgages
Our expert Daniel declares “there’s never been a better time to be a contractor! With this strategy exclusively for contractors, your mortgage can be approved on high-street rates without the hassle of providing a tax return.”
Ask our Experts
Broadly yes, though the assessment differs. Umbrella contractors are usually assessed on gross contract income rather than the net pay shown on payslips, since umbrella deductions for fees, holiday pay and employer NI can make take-home pay look artificially low.
Not necessarily. Many lenders will look at your prior employed track record in the same industry as evidence of experience, particularly where your new day rate is a natural progression from your previous salary.
Often yes, particularly if it is signed and due to start within a few months. Lenders will usually want to see the signed contract alongside your prior contract history.
It can. Inside-IR35 contracts are sometimes treated more like employed income, while outside-IR35 contracts are assessed on day rate. It is worth flagging your IR35 status early so we can match you to a lender comfortable with your setup.
That is fine. We will gather evidence for each contract and present your combined day-rate income as a single, coherent picture for underwriters.
Both. Contractors remortgaging often benefit most, since an existing lender may not reassess income favourably, whereas a specialist remortgage can unlock better rates or higher borrowing.
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