Mortgages For Contractors

Our Mortgage Service for Contractors

Getting a mortgage if you are a self employed contractor or freelancer can bring with it a range of complexities when arranging mortgage finance. Our mortgage service offers:

• Whole of market service - we work with most UK lenders who will consider contractor employment income

• Access to leading market mortgage rates 

• Access to exclusive mortgage deals not available on high street

• Fast turnaround - speak to us today if you need to move quickly

• We have lenders who will take into account previous credit issues 

• Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of innovative finance solutions

To investigate your mortgage options if you are a contractor call our specialist mortgage team on 0117 403 4474 or fill in our callback request form.

"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support." 

If you are a contractor you may be worried that many of the big lenders lending criteria will be too rigid to fit your requirements. It is not impossible for a contractor to get a high street lender mortgage as long as they can prove to the lender that they can keep up with repayments, there are also specialist lenders who can offer specific mortgages for people who work on a contractual basis, occasionally known as ‘contractor mortgages’. 

Different lenders have different views of what the term contractor actually refers to, some take it to mean a person who is employed by an organisation but working on a fixed or short-term contract or it can refer to people who are self-employed and works through one main company like a tradesman or professional such as a barrister.

Exactly what kind of contractor category you fall into will affect what mortgages are available to you, however there are a range of options for both self employed contractors as well as short term and fixed term contractors.

Self Employed contractors:

The requirements for a self employed contractor, but they will generally require a history of your work for a period of time with your figures of net profit. How much you can borrow as a self employed contractor may be calculated in different ways by various lenders also.

Many of the specialist lenders will do so by multiplying your contract day rate by how many days a week you work and multiplying that by 48, multiplying this sum by 4 or 4.5 might be able to give you a rough estimate of how much you could borrow.

If you are a professional contractor for example a; barrister, IT contractor or accountancy contractor you may find it easier to find a contractor mortgage, based on your contract rate and you are less likely to be limited by other factors.

Mortgages for people on fixed or short term contracts

Some high street lenders will consider borrowers on fixed term contracts; usually they will require applicants to have a minimum of 6 months history of contracting as well as having at least 6 months left on their current contract. If you have less than 6 months on your current contract it may still be possible to get a mortgage but you will likely be limited to a small number of specialist lenders.

Although there are a variety of mortgages for contractors available you may find it useful to speak to an independent mortgage advisor before you apply. Not only will an intermediary have professional knowledge of the market but they can access specialist lenders off of the high street which are unavailable for direct applications.

If you want to find out more about mortgages for contractors or other types of mortgages you can fill in the online enquiry form to request a call back from a member of the Fair Mortgages team.