Contractor Mortgage Calculator.

Contractor Mortgage Calculator

Welcome to the Contractor Mortgages Calculator. Here, you can determine the amount you can borrow based on your contract rate. It’s important to note that various factors influence the lending decisions of mortgage lenders when it comes to a contractor, and not all lenders are contractor friendly.

Contracting is still considered a specialised niche, which means that underwriters at the lenders head office will review your application using “contract-based underwriting.” Historically options were limited to a few forward-thinking lenders but thankfully things have changed over the past couple of years and lenders now have a far better understanding of the contractor market.

Fortunately, we have direct access to underwriters and have negotiated with them extensively. Based on our experience, we can provide insights into the factors that will impact their final mortgage offer.

These factors include things such as:

The mortgage loan required.
The amount you have saved for the deposit.
The desired mortgage repayment term.
Existing financial commitments.
Credit agency records.
Dependent children.
Your contracting experience.
Your contract rate and duration.

If you’re interested in knowing how much you can borrow, our contract-based underwriting allows you to access competitive mortgage finance, often from the day 1 of your contracting journey. We have educated lenders on how contractors work and therefore options are available for both inside and outside IR35 roles.

To get an estimate of your borrowing potential, answer a few simple questions in our Contractor Mortgage Calculator.

Once you’ve entered your details, the calculator will provide you with an estimate of your potential borrowing ability.

Our arrangements allow you to borrow on the strength of the contract value ignoring limited company accounts or umbrella payslips. Contractor lenders will assess your income based on your daily rate, multiplied by 5 days per week, multiplied by 46 or 48 weeks per year.

As an example, a day rate of £600 x 5 days x 48 weeks = £144,000 pa. This approach to buying a home or remortgaging is particularly beneficial as it allows contractors to maximise the borrowing potential.

Before taking the next step, we recommend checking your credit rating, as failed searches can negatively impact your score. Additionally, ensure that the details on your local electoral roll are accurate.

Once these steps are complete, we can determine the exact amount you can borrow based on your contract rate.

Please feel free to call us on 02394 211122 or request a callback.

Who we work with

Testimonials

You can see our clients feedback what they say

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

Simon Davies Manager

FAQs

Can I get a mortgage as a contractor?

Yes. We have access to bespoke contractor underwriting that will allow you to borrow based on contract value. Find out how much you can borrow here – Link to calculator

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 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 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 guide you through the options.

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

What size deposit will I need?

Deposits can start from as little as 5% but rates tend to improve the larger the deposit available. One of our dedicated contractor specialist mortgage consultants will be able 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 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 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 guide you through the options.

Why should I choose My Contractor Broker?

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

#get in touch

Ready to get started ?

Speak to a MyContractorBroker specialist on 02394 211122