Mortgages based on your contract rate without the need for accounts or umbrella payslips
Find out how much you can borrow
Find out how much you can borrow
How we can help
As an independent contractor, you don’t fit neatly into the standard criteria outlined in a mortgage application and many lenders will still seek to evaluate your financial situation in a conventional manner.
If you are operating under an umbrella company, traditional lenders will typically treat you as a permanent employee. This means that they will primarily rely on payslips to assess your income. Consequently, any additional sources of income such as holiday pay, bonuses, commissions, expenses, or other non-standard income may be disregarded during the evaluation process.
On the other hand, if you are running your own limited company, traditional lenders will typically require you to provide one to three years of company accounts. However, it is worth noting that the definition of ‘income’ can vary significantly in these cases. Additionally, if you have structured your financial affairs in a tax-efficient manner, it is possible that the level of borrowing available to you may be reduced.
In both scenarios, it is important to be aware that your mortgage options may be considerably limited.
Buying an investment property
Looking to make you first investment property purchase? Experienced landlord looking to expand your portfolio? Many contractors use Buy to Lets as a part of their retirement strategy. Navigating the buy to let mortgage market as a contractor can be tough, but My Contractor Broker can help.
What is a contractor Mortgage?
If you trade via a limited company, lenders will want to assess you as being self-employed, in most cases resulting in you being asked to provide 3 years company accounts and your income purely being calculated using your salary and dividend draw.
If you currently work through an umbrella company, lenders often deem you as a temporary worker and will ignore or only use part of your income being returned as a bonus, overtime or commission.
A contractor mortgage ignores how you have chosen to pay yourself and instead focuses on your contract. Many lenders will now allow you to borrow based on your contract daily or hourly rate.
A contractor earning £500 per day would be assessed on £500 x 5 days x 48 weeks giving a total income of £120,000.
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I needed a mortgage quickly as I had been let down by a well known high street bank. Andy worked extremely quickly in sorting out a new mortgage offer for me, and even found a lender that took my day rate into account, meaning I could borrow more than I thought I could. The process to get Andy all of the documents he needed was painless and within a few days I had the offer from the bank. Would definitely recommend to anyone looking for a new mortgage or remortgaging.”
Simon Davies
I needed a mortgage quickly as I had been let down by a well known high street bank. Andy worked extremely quickly in sorting out a new mortgage offer for me, and even found a lender that took my day rate into account, meaning I could borrow more than I thought I could. The process to get Andy all of the documents he needed was painless and within a few days I had the offer from the bank. Would definitely recommend to anyone looking for a new mortgage or remortgaging.”
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I needed a mortgage quickly as I had been let down by a well known high street bank. Andy worked extremely quickly in sorting out a new mortgage offer for me, and even found a lender that took my day rate into account, meaning I could borrow more than I thought I could. The process to get Andy all of the documents he needed was painless and within a few days I had the offer from the bank. Would definitely recommend to anyone looking for a new mortgage or remortgaging.”
Simon Davies Manager