Contractor mortgages

Contractor mortgages – it’s a common misconception that it’s hard to get a mortgage for a contractor.
As we see an increase in the contractor workforces across the country, the demand for contractor mortgages also rises. The aerospace, IT, and rail industries employ contractors in huge numbers. Rolls Royce and Bombardier are a classic example of companies who’s contractors I help.

I’m a contractor – can you help me get a mortgage?

Contractor mortgages are more complex but thankfully it’s an area that I specialise in. I’ve had many contractor clients who have been advised previously that they wouldn’t be able to get a mortgage. It leaves them feeling very disappointed. Also, the reality is that contractors are not accepted by all mortgage lenders. Either way the client is left with the idea that they can’t get a mortgage for the sole reason that they are a contractor. This is simply not true and highlights the requirement for contractors to speak to an expert mortgage broker. (that’s where I come in)

How do I get a contractor mortgage?

Criteria between mortgage lenders does vary a lot. However contractor mortgages do tend to have some similar requirements as a rule:
  • Does the applicant have previous experience in a similar job role/industry – either permanent or contracting
  • Do they have an actual contract with a day/hourly rate and set contract term ie 12 or 6 months
  • Is there at least 50% of the original contract term remaining – ie 6 months remaining on a 12 month contract etc
Assuming these points are satisfactory then we can look to get things moving. There is a select group of lenders that offer mortgages to applicants that fit this mould.
  • Contractors
  • Sub-contractors
  • Short term / fixed term
  • Umbrella company workers
  • Agency workers

Get in touch to find out how we can help with a contractor mortgage.

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