Contractor Mortgages
Are you a contractor looking for a mortgage? We can help. It's free to chat.
Get startedWorking as a contractor can sometimes make getting a mortgage feel more complicated than expected. While contracting can offer strong earning potential and flexibility, some traditional lenders can be cautious when assessing applications from contractors—particularly if your income structure is different from standard employment.
However, we can help you.
Many mortgage lenders are happy to work with contractors, provided your income can be assessed correctly. At The Mortgage Company, we specialise in helping contractors secure mortgages that suit their circumstances. With over 30 years of experience, we understand how contractor income works and can guide you through the process from start to finish.
Mortgage Advice for Contractors
Contractors often have a different income structure compared with permanently employed applicants. Because of this, some high street lenders may apply stricter criteria when assessing your application.In reality, most lenders will consider mortgage applications from contractors. The key factors usually include the type of contract you have, how long you’ve been contracting, and your experience within your industry.
Many lenders use different methods to assess contractor income, which is why speaking to a mortgage broker can make a significant difference. A broker can identify lenders that understand contractor income and help you access competitive mortgage rates.
Understanding Your Mortgage Options as a Contractor
In most cases, lenders assess affordability in the same way for contractors as they do for other applicants.
As a general guide, many lenders offer borrowing of around four and a half to five times your income, depending on your overall circumstances and affordability assessment.Several factors can influence how much you may be able to borrow, including the below. Having these documents ready can help speed up the mortgage application process.
- Your age
- The mortgage term
- Your committed monthly outgoings
- The stability of your income
- Your credit history
Buying a Property with a Partner
If you’re buying a property jointly with another applicant, the lender will assess both incomes as part of the affordability calculation.If your partner is permanently employed or self-employed under more traditional income structures, their income will typically be assessed in the usual way. Combining incomes can sometimes strengthen an application and increase the overall borrowing potential.
Why talk to Premier Mortgage Services?
Premier Mortgage Services has been helping clients secure mortgages for more than 30 years and has built a strong reputation as a trusted local mortgage adviser.We understand that contractor income can be complex, and we work with lenders who are experienced in assessing contractor applications.
We offer:
✔ Clear, straightforward mortgage advice
✔ Access to lenders who understand contractor income
✔ Support throughout the entire application process
✔ Friendly, jargon-free guidanceOur goal is to make the mortgage process as simple and stress-free as possible.
Ready to get mortgage advice?
Ready to get personalised advice? One of our qualified mortgage brokers will be happy to help.
We can identify the right lender for your situation and help you obtain the necessary documents for your application to be processed and offered. Please contact us here or call us on 0115 9499988.
Think carefully before securing other debts against your home. You may have to pay an early repayment charge to your existing lender if you remortgage.
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About us
In 2022 we celebrated 30 years of providing first-class whole of market mortgage advice to clients across the UK surpassing £2 billion pounds of client borrowing with the UK's most respected banks, building societies and specialist mortgage lenders.
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Premier Mortgage Services is an Appointed Representative of Stonebridge Mortgage Solutions Ltd which is authorised and regulated by the Financial Conduct Authority.
There may be a fee for arranging your mortgage and the precise amount will depend on your circumstances. Our initial consultations are free, always.
Your home may be repossessed if you do not keep up repayments on your mortgage.