Contractor Mortgages
IT, engineering, consulting and more — mortgages using your day rate or contract terms, with lenders who understand your setup.
We secure mortgages for limited company contractors, umbrella employees and sole-trader contractors. Many lenders will assess income using your day rate × working days per year — often producing a higher usable income than traditional accounts.
Why Contractors Choose Us
- Access to lenders using day-rate affordability.
- Consideration for short contract histories or recent switches.
- Flexible approach to gaps between contracts.
- Options for zero-hour and temporary workers with specialist lenders.
How Day-Rate Lending Works
- Lenders annualise your day rate (e.g., day rate × 5 days × ~46–48 weeks).
- Umbrella, ltd company or sole trader structures all considered.
- Evidence from your current contract and bank statements.
Typical Documents
- Current contract (and previous if available).
- CV or contract history.
- Last 3–6 months bank statements.
- Payslips (umbrella) or invoices (ltd/sole trader) where requested.
FAQs
How do lenders calculate my income as a contractor?
Typically via your day rate multiplied by working days per year (e.g., 5 × 46–48 weeks). This can be more favourable than salary/dividends alone.
Do I need a long contract history?
Not always. Some lenders accept shorter histories if your skills are in demand and the current contract is strong.
What if I have gaps between contracts?
Short gaps are common. We’ll present your overall track record and pipeline; some products allow for reasonable breaks.
Umbrella vs Ltd company — does it matter?
Both are acceptable. Documentation differs (payslips for umbrella; invoices/accounts for ltd/sole trader). We’ll advise what each lender prefers.
How big a deposit do I need?
From 5% may be possible; 10–15%+ usually unlocks better rates and wider lender choice.
Your home may be repossessed if you do not keep up repayments on your mortgage.