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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.
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: By multiplying your day rate by expected working days (minus usual holidays/off weeks), lenders try to estimate a full-year income.
- 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
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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
Yes, we charge a one-off broker fee when your mortgage is accepted by the lender. At this stage your application has been submitted, they’re happy with your paperwork and their surveyor has valued your property. At this point, you’ll be sent a formal mortgage offer which is a legally binding document to confirm the mortgage is approved. We’ll then invoice for our broker fee of £1,995.
Typically, it takes 2-4 weeks to get your application approved by the lender. The quickest we have turned an application around is just 48 hours! If speed is important, then tell your expert and they’ll match you with the right lender to ensure it gets accepted as quickly as possible.
As a rule of thumb, lenders restrict the amount you can borrow to 4.5 x your last two years tax returns. Being experts in contractor mortgages, we have access to lenders that will lend significantly more! Use our quick calculator to get an estimate based on your self-employed earnings.
The answer to this is simple. Yes! It’s just question of when you’ll be able to get the mortgage you’re looking for. Our unique service for contractors provides all the best shortcuts out there to bring you the best mortgage options in the quickest timeframes possible.
This depends on the lender your expertly matched with. As a minimum we require proof of ID, proof of address and proof of income. We’ll need your most recent contract confirming your day rate too.
We are so confident your application will be approved that you’ll receive £250 Amazon vouchers if we don’t. That’s the New Wave Guaranteee. We also take all the risk so you don’t have to… this means you don’t pay us a penny if we’re not able to secure the mortgage we promised.
Yes – if your contracts renew regularly, or if you have upcoming work, some lenders will accept shorter or rolling contracts. Having proof of continuity helps.
They can, but are not always the be-all-end-all. If you are able to show a history of contracts and invoice records, or you’re able to explain gaps (e.g. downtime, personal leave), many lenders will still consider your application.
In many cases, yes. Lenders who understand contractor income will use your current day rate and contract to assess what you can afford, especially with manual underwriting.
Minimum deposits often start at around 5%, though a 10% deposit will usually unlock better, more favourable terms – as with most mortgages, the more deposit you can put down, the more options you’ll have (better rates, more lenders).
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