Contractor mortgages from specialist brokers in the UK, with over 20 years of experience in securing mortgages based on day rate or contract value. With consistent 5-star reviews, our team consists of some of the best and award-winning contractor mortgage brokers in the UK who have a wealth of experience in helping contractors secure a mortgage through contractor-friendly mortgage lenders.
Our team of FCA accredited mortgage brokers specialises in arranging mortgages for contractors and has relationships with lenders who base their lending decisions on a multiple of your annualised contract rate, rather than requiring years of accounts or payslips. This is achieved through contract-based underwriting.
As an IT contractor, you may have struggled to secure a mortgage or remortgage with high street lenders. This is often due to their limited understanding of the distinct nature of contractor income and tax arrangements, which can result in them misjudging your true earnings and financial capacity. Through us, you can apply for up to a 95% mortgage on any property type. We can help you secure competitively priced mortgages similar to those available to permanent employees.
Our team of mortgage brokers have collaborated with lenders who provide tailored underwriting for self-employed IT professionals, taking into account factors such as contract-based earnings, fluctuating monthly income, and the structure of your IT contracting services.
If you're looking for a tailored and flexible IT contractor mortgage that suits your individual needs and circumstances, we are here to help you. Getting in touch with our mortgage specialists is simple – use our online mortgage calculator to compare options, fill out our straightforward quote form below to receive quotes directly to your inbox.
For a detailed quote and for a free initial consultation, simply fill in your details into the form below and one of our contractor mortgage specialist will get in touch with you.
Not only will we help you secure contractor mortgages from the best mortgage lenders, but also at best mortgage rates possible with minimum documentation.
While securing a traditional mortgage is relatively straightforward, contractor mortgages can be more complex. A specialist mortgage advisor will walk you through the process and provide a clear list of the necessary documents, which often include specific requirements.
To secure a mortgage as a contractor, you'll typically need the following documents:
Below is a list of 10 best contractor-friendly mortgage lenders in the UK.
Below is a list of 10 best contractor specialist mortgage brokers in the UK.
Is it difficult for a contractor to get a mortgage?
No. It is not difficult to secure a mortgage as a contractor. You need to plan ahead and prepare well so that your mortgage application is not rejected. A specialist contractor mortgage broker can help with that.
Do all lenders offer contractor mortgages?
Not all lenders are able to assess your income in this way but there are many which can. The Advisers at Mortgage Advance Centre have a combined 15 years’ experience obtaining mortgages for contractors and have been personally involved in helping mortgage lenders better understand contractors and shape their criteria accordingly.Do banks give mortgages to contractors?
Yes, banks do give mortgages to contractors, but the process can be more challenging compared to salaried employees. There are contractor-friendly high-street banks like Barclays and Halifax that offer mortgages to contractors.
Will lenders put me on a higher rate because I am a contractor?
While it is true that not all lenders are able to lend to contractors, the lenders who do lend will never penalise you on rates due to your employment status.
Do I require a larger deposit as a contractor?
Not necessarily. As long as you meet lenders’ credit score requirements for higher loan-to-value products, there is no reason why being a contractor would impact the level of deposit required.
How long do I need to have been contracting to apply for a mortgage?
This varies by lender. Some need you to have been contracting for a minimum of 12 months but there are others who will consider “day one” contractors, particularly if they have a strong employment track record.
Do I need 2 years’ accounts to get a mortgage as a contractor?
Absolutely not. This is a common misconception, but a good contract is enough to demonstrate your earning potential.
As a contractor, am I labelled high risk by mortgage lenders?
Maybe 10 years ago but these days, lenders understand that more and more people do not have a linear employment structure.
Does it matter if I am inside or outside IR35?
Not really. There are a few subtle differences in how your income is calculated but regardless of your IR35 status, your contract is the main vehicle to obtaining a mortgage.
How many payslips do I need to show if I work through an umbrella company?
Again, this differs by lender. We ask for 3 months’ payslips as a rule but this is not set in stone. There are some lenders who do not even need to see payslips as part of the application process and will only ask for your contract and bank statements.
Can I still obtain a mortgage if I have only recently gone inside / outside IR35?
Absolutely. This may look like a mess in terms of trying to prove your income but just speak to Mortgage Advance Centre and let us do the work.
For all your mortgage requirements, please write to us at [email protected] and we will be happy to assit you.