Working on contract? We arrange mortgages based on your day rate or contract value, not just your company accounts. Specialist lenders who understand how contractors earn.
Mortgages Based on Your Contract Rate
Traditional lenders often struggle with contractor income, calculating affordability based on your company's salary and dividends — which are typically kept low for tax efficiency. This can severely limit your borrowing capacity.
Specialist contractor mortgage lenders take a different approach. They annualise your day rate or contract value to calculate your income, which often results in significantly higher borrowing. For example, a contractor earning £400 per day could borrow based on an annualised income of around £100,000, rather than a modest salary of £12,000.
We know which lenders accept contractor income and the specific criteria they require, including minimum contract lengths, gap rules, and industry requirements.
- Day rate annualisation for higher borrowing
- IT, engineering, medical, and finance contractors
- Umbrella company and limited company contracts
- Minimum 6-month contracting history typically required
- Gap between contracts usually accepted (up to 6 weeks)