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How we can help you

We are a specialist contractor mortgage broker, our consultants have helped 1000’s of contractors during their careers. Even if your own bank has said no, we can still assist.

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Buying a bigger property and need to borrow more or downsizing? Get the right contractor mortgage provider!

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Buying your first property? We can help you find the lowest rate available!

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First-time investor or an experienced landlord looking to increase your portfolio? Get the best mortgage option!

Rates You Deserve

We work with high street lenders to ensure you do not get penalised for working as a contractor.

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Frequently Asked Questions

Can I get a mortgage as a contractor?

Yes. Our consultants have helped 1000s of Contractors obtain mortgage funding during their careers. As a company, we have access to bespoke Contractor underwriting that will allow you to borrow based on your contract value not how you do or choose to receive your income.

One of our consultants will contact you to conduct an initial fact find to understand exactly what it is you are looking to do and whether we can assist. As a Contractor looking to obtain a mortgage there is certain information our consultants will need to collect before engaging with Contractor friendly Lender to review your options.

Once you are ready to submit a full mortgage application, Lenders will typically ask Contractors to provide documentation to support the mortgage application (see below).

  • Proof of identity and address
  • Evidence of current contract with 1 month unexpired term at point of application.
  • Previous signed contracts covering the previous 12 months.
  • Latest 3 months bank statements for your personal and business bank (if ltd) accounts for all applicants
  • Proof of consent to let and tenancy agreements for any investment property
  • Proof of deposit funds (bank statements) for a property purchase

Your Specialist Contractor Consultant will then be able to liaise with Underwriters specifically trained and allocated to look after Contractor applications.

How are Contractors assessed for mortgages?

There are multiple ways a Contractor can be assessed when applying for a mortgage. A Specialist Contractor Mortgage Consultant will be able to assess your particular set of circumstances and decide the route that is most suitable for your needs and requirements:

Professional Contractors – Lenders will typically assess a Professional Contractor based on the underlying contract day/hourly rate. This is regardless of the payment mechanism being used (limited company/umbrella). Quite often, the Lender will need you to have been contracting for a set period of time or at least have been in the same lime of work before assessing you correctly.

Limited Company Contractors – Dependant on how you are running your business, Lenders may be able to assess you on the taxable income such as the salary and dividends you are drawing. In some cases, retained profit can also be considered.

Umbrella Contractors – To the untrained eye an Umbrella Contractor can be mistaken as being employed. The issues arise when it comes to Lenders reviewing Umbrella payslips. All Umbrellas work differently in detailing income as basic, bonus or commission with various deductions also being included. A Specialist Contractor Mortgage Consultant will be able to advise you of the most suitable route to use to ensure the required outcome.

Fixed Term Contractors – In most cases, High Street Lenders will insist upon 6-12 months remaining on your fixed term current contract at the point of a mortgage application. Most fixed term contractors are taxed at source and from a Lenders perspective you will be treated as permanently employed. Advice is key as Lenders treat fixed term contractors in very different ways and choosing the correct Lender is key.

Agency Workers – The way in which Agency workers are assessed varies hugely from Lender to Lender. Often Lenders will want to review your last 3-12 months’ payslips in order to understand your earnings and produce a usable average for mortgage purposes. Continuity is key when it comes to working via an Agency so you can be portrayed in the best light..

How much mortgage can I get as a contractor?

There is no easy answer to this, except to say that for a Contractor Mortgage, you can borrow just the same amount as if you were earning an equivalent PAYE salary based on the value of your contract in most instances. There are even situations in which you could borrow more, as Lenders become more aware of the earning potential of the nation’s contractor and freelancer work force, coupled with our unprecedented access to their specialist underwriting teams.

Ultimately, the amount you can borrow will depend on the way in which you can be presented to the Lender. As a rule of thumb, if you are a contractor earning £500 per day, a contractor friendly Lender should be happy to annualise your contract rate. Different contract friendly Lenders calculate contract values in different ways but for the purpose of this exercise we will use the most common which is:

Contract Rate x number of days contracted per week x 46 weeks. Therefore, a contractor earning £500 per day 5 days per week would be assessed on £500 x 5 x 46 weeks = £115,000.

Assuming a Lender is then happy to lend you 4.5 x your income, this could result in a maximum loan being available of £517,5000. Consideration will be made based on family make-up and any other debts to be retained in the background.

Warning – Your broker will also need to factor in things such as:

  • Deposit level
  • Monthly credit commitments
  • Education costs
  • Breaks in contract history
  • Previous contract rates
  • Number of dependants
  • Other incomes and outgoings

For a detailed assessment, speak with one of our Specialist Contractor Mortgage Consultant.

Which banks give mortgages to contractors?

Most High Street Lenders now have some form of Contractor Mortgage criteria, including the biggest names in mortgage lending in the UK such as Halifax, Barclays, NatWest, Nationwide and many others.

With our bespoke direct-to-underwriter process, we can ensure that the correct Lender for your circumstances is chosen, and you get the mortgage funding that your contract rate deserves.

Different contractor lenders cater for different contractor issues such as:

  • Skipton Building Society – Can be very understanding with breaks in contracting history or multiple contracts.
  • Halifax – One of the original contractor lenders with far more flexibility offered to IT contractors.
  • Nat West – Standard contractor mortgage policy includes contracts paid in foreign currency provided you are subject to UK tax.
  • Principality – Are happy to consider contractors for day one in their contracting career.
  • Accord – Whilst offering a solid contractor policy, Accord can be very generous on their affordability calculations.

It is important to speak with a specialist contractor mortgage broker to assess the options available to you and your individual circumstances.

What size deposit will I need?

There is no hard and fast rules when it comes to the size of the deposit a Contractor will need. Deposit requirements can start from as little as 5% but are often only available when using a government incentive of some type.

One thing to bear in mind is that mortgage rates improve the larger the percentage deposit you are able to put down. Lenders often offer products based on loan to value (LTV) bandings such as 95%, 90%, 85%, 80%, 75% and 60%.

One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options so you can decide if you want to maximise your deposit or keep some funds back for things like home improvements, repaying debts or a rainy-day fund.

Can I get a mortgage whilst working through an umbrella company?

In short, yes. We have access to a large number of Lenders who understand Umbrella payment structures.

One of the typical issues a Contractor working via an Umbrella company will face is the Lender not understanding or appreciating the breakdown of your income and the deductions taken. We have arrangements where Umbrella contractors borrowing will be based on the underlying contract value and not how the income is portrayed on a payslip.

One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options.

Can I get a contractor mortgage with no limited company accounts?

Yes. We have access to lenders that will be happy to assist you without company accounts, with borrowing based on your contract value. We can assist from Day 1 of your contract, although each lender will have their own set of criteria that you will need to meet. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options.

Do I need to have been contracting for a specific period?

No. We have access to lenders that are happy to assist from Day 1 of your contracting career and assess borrowing based on your contract value, although each lender will have their own set of criteria that you will need to meet. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options.

Will I pay a higher interest rate?

No, we have negotiated bespoke underwriting and processes, not interest rates. We work with high street lenders to ensure you don’t get penalised for the way in which you work. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options.

I’ve had credit problems in the past, will this stop me getting a mortgage?

Not necessarily, although it does become more difficult. One of our dedicated Contractor Specialist Mortgage Consultants will be able to review your situation and advise you of any options that are available.

Who provides contractor mortgages?

There are now more highstreet lenders than ever prepared to accept a contractor mortgage application. These include well-known names such as Halifax, Barclays, Clydesdale, Virgin Money and Nationwide to name but a few. The exact lenders available to you will depend based on your personal circumstances. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options.

Why should I choose Professional Contractor Mortgages?

Instead of us telling you all the reasons why, we thought we would leave it down to our clients.

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Is it hard to get a mortgage as a contractor?

Yes and no. Our team of experienced Contractor Mortgage specialists have access to specialist underwriting teams within the main banks and building societies, to ensure that your application is assessed on its own merits, considering the way in which you work and how you get paid. A direct application to a lender, however, can result in the wrong criteria being applied to your case and an application being declined.

Can you get a mortgage on contract work?

Yes. Historically, banks would only ever assess applications based upon either employed or self-employed criteria. Now, thanks to the access that we have directly to decision makers, lenders are waking up to the knowledge of there being a third way, and being able to obtain a Contractor Mortgage based upon your day rate or hourly rate, instead of either payslips or company accounts, neither of which tell the true story of your earning potential.

Can independent contractors get a mortgage?

Yes! In many ways, independent contractors have more potential options when it comes to a Contractor Mortgage than those working solely through umbrella companies, as there is the potential to take into account salary, dividends and even net profit alongside your contract rate, to tell the full story of your financial firepower.

Can you get a mortgage with a 1 year contract?

Yes. The lenders that we deal with take a holistic view of each application on its own merits, meaning that regardless of the length of your contract, there could be lending options available. Whether you’re on a daily rate or an hourly rate, and whether you’ve been contracting for 2 years or 2 weeks, we are confident that we can help you obtain a Contractor Mortgage.

How do contractors buy a house?

The house buying process is no different whether you are a contractor or whether you are permanently employed. The big difference is how your Contractor Mortgage is approved and offered. With such a buoyant housing market currently, any delays in underwriting could risk losing the property to another buyer, so it is vital to ensure that your application is assessed correctly. Similarly, the relationship between your mortgage broker and your solicitor is crucial, to ensure that all parties are aware of expected timescales to ensure a smooth transaction.

Do you need a contract to get a mortgage?

Ideally you would be in contract when applying for a mortgage, as this is the easiest way of demonstrating a current income, however, with the access that we have to underwriting teams, there may be options for you to obtain a Contractor Mortgage even if you are between contracts. Give us a call to discuss your circumstances in more detail.

How long do you have to be contracting to get a mortgage?

We deal with lenders who can approve a Contractor Mortgage even if you are a ‘day 1’ contractor, due to the bespoke underwriting arrangements that we have in place with High Street banks and building societies. While it’s true that some lenders may have a minimum period in which you need to have been contracting, being a new contractor will not necessarily preclude you from accessing a Contractor Mortgage.

Can I get a mortgage working through an umbrella?

Yes. With recent developments around IR35, many of our clients have reassessed their remuneration structure, to ensure that it is as tax efficient as possible considering the potential financial impact of being considered inside IR35. We can access Contractor Mortgages for you regardless of whether you contract through an umbrella company, a Limited Company or even directly to your end client.

Can you buy a house as a contractor?

Yes! There is more access than ever before to a wider range of lenders and products on the market, based upon your contract rate. Buying a house with a Contractor Mortgage need not be any more complicated or stressful for you than if you were an employee, and it’s why our clients trust our decades of experience in the industry to help you buy your dream home.

Can I get a mortgage on a 6 month contract?

Yes. Lenders are now realising that contracting is a far more lucrative and flexible way of working compared to permanent employment, and using our direct to underwriter approach, they have begun to embrace the nature of contracting, rather than turning you away, as may have been the case in years gone by. We can obtain a Contractor Mortgage for our clients regardless of the length of the contract.

Do I have to have a permanent job to get a mortgage?

No! In today’s financial climate, Contractors have far more spending power and surplus income than many equivalent PAYE employees. Thanks to the hard work in building such close relationships with underwriters, we can obtain a Contractor Mortgage based upon a daily or hourly rate rather than a permanent salary, ensuring that you are not disadvantaged when it comes to rate or choice of lender.

Can I get a mortgage on a 12 month contract?

Yes. The lenders that we deal with do not penalise you for the length of your contract, as they understand the way in which you work. With the access that we have to underwriters, we can obtain a Contractor Mortgage regardless of the length of your contract, and this is where we utilise your CV to add weight to your application, by demonstrating your working history, regardless of contract.

Can I get a contractor mortgage with no accounts?

Yes. Our bespoke underwriting arrangements include lenders who have no requirement for any trading history if you are operating through a Limited Company. A true Contractor Mortgage is based upon your contract rate, rather than any figures from your Limited Company anyway, and as such we can even arrange mortgages for those brand new to contracting.

Our lenders

Some of the lenders we currently work with: