Fee Free Contractor Friendly Mortgages

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About Our Service

Getting a Mortgage Based on Your Day Rate Alone

Searching for contractor friendly mortgages but unsure where to start? This is a common theme with many contractors due to the way you are paid. There can be a lot of confusion between self employed people and contractors. After a quick conversation with our brokers we will distinguish which path is right for you. Self employed or contractor we will find the right path for you and help you borrow what you require.

It doesn't matter if you operate through your own ltd company or a UK payroll umbrella. We know how to assess your earnings for lending purposes and how to position them to mortgage lenders to make the transaction smoother.

Limited company contractor accounts and/or umbrella payslips? They're not a true reflection of your mortgage affordability. Your accountant gears your income for tax efficiency. That's fine, it's their job. But those resultant accounts do not reflect your true disposable income.
Our contract-based underwriting model disposes of the need for accounts and self employed SA302s. Including retained profits is a more accurate way of assessing contractors' true mortgage affordability.

Regardless of how you're employed, we will do all we can to get the right mortgage deal for you. And often with a mainstream lender, maybe even one you've banked with direct yourself. Before submitting any mortgage application we will confirm all the figures with yourself and we are certain you will be happy with the figures.

"We will never charge you a penny for our service — we're 100% Fee-Free Mortgage Brokers."

Helping You Buy Sooner

Contractor Friendly Mortgage Types

Our range of contractor friendly mortgages suits almost all personal circumstances:

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Government-Backed Scheme
Shared Ownership

First Time Buyers: get your foot on the first step of the housing ladder. Our contractor mortgage service is available to first time buyers looking to get onto the property ladder using their day rate or contract.

Minimum Share
25%

Typical Deposit
5% of your share

Max Share Purchase
Up to 75%

Home Movers: home mover mortgages can help you move up the property ladder. Remortgaging: save money or raise capital by switching lenders without moving house.staircasing. You can do this by borrowing more from your mortgage lender or by making a cash payment. Eventually, you can staircase to 100% ownership.

Buy To Let: whether you're new to investing or expanding your property portfolio. New Build: getting a mortgage fast for 'Off-Plan' homes from developers. Bad Credit: adverse credit, CCJ, defaults — you're not alone, we can help get you a mortgage.

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New Build Properties
Help to Buy: Equity Loan

We cater for all trading vehicles and payment structures for contractors. There are many, with each business model and owner status different from the next. It doesn't matter if you operate through your own ltd company or a UK payroll umbrella.

The Help to Buy Equity Loan scheme closed to new applications on 31 October 2022. If you were an existing Help to Buy customer looking to remortgage or repay your equity loan, speak to our advisers for guidance.

Our contract-based underwriting model disposes of the need for accounts and self employed SA302s. Including retained profits is a more accurate way of assessing contractors' true mortgage affordability.

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Affordable Housing
Local Authority & Affordable Housing Schemes

As a 'self employed contractor' you might wonder if it will be more difficult to get a Buy to Let mortgage than if you were a salaried employee. The good news is that with a little research and planning, you should find it straightforward to find a suitable Buy to Let deal.

Borrowing on a Buy to Let can potentially be more expensive, as it's a commercial loan. That's because you're aiming to make a profit from the rental income. Mortgage interest rates are higher than with a residential loan, and you will usually need a significant deposit too — 25% of the property price is standard. If you were a contractor when you originally took out your mortgage and your employment capacity is unchanged, your remortgage application will be pretty straightforward.

IBad Credit Contractor Mortgage

A contractor can be high risk given the temporary nature of work. Hence, it's important that they maintain a clean credit file by keeping debts to a minimum while maintaining timely payments with no defaults.

Whilst a good credit score can help you secure a mortgage, your credit status or credit score can also help you with getting a competitive mortgage rate. Too many soft footprints from unsuccessful searches could leave you with a bad credit rating. Adverse credit need not stop you from getting a mortgage. But it will impact your interest rate and mortgage payments.

Why it matters: Provide us with a credit report today, and uncover the issues that could be affecting your credit file. Click here to access your free credit report with the four top credit agencies all in one report!

Step by Step

How Much Can I Borrow as a Contractor?

As the mortgage lender does not use your years of accounts during the application process it will all just be based on the day rate. Let's say your contract rate of earnings are £350 per day:

Daily Rate

£350 x 5 (days) x 46 (weeks) = £80,500 annualised contract rate.

Affordability Factor

£80,500 (annualised contract rate) x 4.5 (affordability factor) = £362,250 maximum mortgage.

Agreement in Principle

We will get an agreement in principle, find you the right mortgage deals, submit the mortgage application to the mortgage lenders and get the mortgage offer issued with contractor friendly terms.

Documents Required

The only documents you'll need: a signed copy of your current contract, proof of ID, your CV, and 3 months' bank statements. It is as simple as that.

Mortgage Offer

We will confirm all figures with you before submitting any mortgage application and get the mortgage offer issued. Once we have all the relevant information we can get you an agreement in principle very fast.

Request a Callback

Request a callback today and one of our expert mortgage brokers will help start your process to secure a mortgage. We will work around the clock to ensure your mortgage application goes as smoothly as possible. Contact us today!

When we apply for contractor mortgages it may be that you've not got certain key documents or evidence to support your income or history. You know that you can afford the mortgage, but you can't prove it. Our Mortgage Brokers are specialists in advising and arranging mortgages for contractors. None of these scenarios are foreign territory — let us assure you of that, at least.

Contractor FriendlyMortgage Broker.

Getting a Mortgage Based on Your Day Rate Alone

Contractor Friendly Mortgage Types

How Much Can I Borrow as a Contractor?

Talk to Our Contractor Mortgage Specialists

From finding the right agreement to handling all the paperwork ready for completion, get in touch and speak with our friendly mortgage advisors and we can manage the entire mortgaging process from start to finish.

Contractor Friendly
Mortgage Broker.