Mortgages
Mortgages for contractors
Day-rate, limited company and umbrella contractors.
- No obligation
- Takes 2 minutes
- Speak to a real adviser
- FCA regulated
- Whole-of-market
- 90+ lenders
- Personal adviser support
The short answer
Contractors, explained in plain English.
Written by Seema Babber, mortgage and protection adviser
Updated
Many lenders can assess contractors on their day rate rather than their accounts — usually by turning the day rate into an annual figure — as long as you have a current contract and some history of contracting. Criteria vary a lot between lenders, so we match you with ones that understand how contractors work.
Who this is for: Day-rate contractors working through their own limited company or an umbrella company, and people employed on fixed-term contracts.
Your options
Your adviser compares these with you and explains the trade-offs before you decide.
Day-rate assessment
Your day rate is turned into an annual income figure, based on your current contract.
Accounts-based
Lenders look at your company accounts and the income you draw, as for company directors.
Umbrella or fixed-term
Lenders use your payslips and contract, with checks on your contracting history.
How it works
From first call to completion.
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01
Review your contracts
We look at your current contract, day rate and how long you have been contracting.
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02
Choose the approach
We work out whether a day-rate or accounts-based lender suits you better.
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03
Apply
We get an agreement in principle and submit your application with your contract and evidence.
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04
Offer to completion
We manage the case through to completion, including any questions about renewals.
Before you start
Costs and risks to know about.
Costs to budget for
- Deposit
- Lender product fees
- Valuation and legal fees
- Our fee, if any — explained in writing first
Risks
Your home may be repossessed if you do not keep up repayments on your mortgage.
We explain the risks of any recommendation in writing before you proceed.
01How long do I need to have been contracting?
Many lenders look for around 12 months, and some accept less if you have worked in the same field before.
02What if my contract ends soon?
Lenders usually want time left on your contract or a history of renewals. We check this before applying.
03Do gaps between contracts matter?
Short gaps are often fine, but lenders will ask about them, so we explain them up front.
Mortgage enquiry
Talk to an adviser about contractors.
Takes about two minutes. An adviser will be in touch to talk through your options.
- 1What you need
- 2Property details
- 3Your details
- ✓Adviser follow-up
Why people enquire with us
- A named adviser and case handler look after your case
- We compare lenders across the market, not just one bank
- FCA regulated — firm reference 752191
- Phone, WhatsApp, video or at our Uxbridge office
Your details are kept secure and only used to handle your enquiry.