Contractor Mortgage Solutions
Are you a first-time buyer or looking for the best mortgage deal on your next property?
Our experienced team of UK-based contractor mortgage advisers is here to guide you through every step and find the best deal tailored just for you.
We Operate Based on Your Day Rate
We specialize in securing mortgages for contractors based on their contract earnings alone.
No tax returns, no accounts
We have helped numerous contractors over the last decade to purchase their first homes and investment properties. We work daily with lenders to offer tailored contractor mortgages rarely found on the High street or Online.
We Operate Based on Your Day Rate
We specialize in securing mortgages for contractors based on their contract earnings alone.
No tax returns, no accounts
We have helped numerous contractors over the last decade to purchase their first homes and investment properties. We work daily with lenders to offer tailored contractor mortgages rarely found on the High street or Online.
Ready to find out how much you can borrow?
Please note, this calculator only provides indications of possible borrowings. Contact us for a free bespoke contractor mortgage recommendation.
Ready to discuss your options?
Call Us
02038278558
Email Us
info@contractormortgagesolutions.co.uk
Address
31, Metro Centre, Dwight Rd, Northwood, Watford WD18 9SB
Mon-Fri (8:30am-7pm)
Sat-Sun (10am-7pm)
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Why contractors need help with mortgage?
As an independent mortgage broker, we’ve tackled the unfair bias against limited company contractors, whose payment structure differs from PAYE.
We partner with banks and underwriters to navigate the complex landscape of contracting and simplify the process of using contract earnings alone for affordability assessments.
Today, we collaborate with an expanded network of contractor-friendly lenders, enabling contractors to secure mortgages based on their gross contract income, whatever the individual’s situation might be.
Why borrowing against day rate matters?
Traditional mortgage assessments often rely on net income, as shown in annual accounts and SA302 forms, which can significantly understate a contractor’s true earning potential.
Contractors often receive income in lump sums based on their contracts, not regular monthly salaries. This can make their net income appear lower after expenses and taxes. By considering gross contract income, lenders can provide a more accurate reflection of a contractor’s financial capability, enabling them to borrow larger amounts.
This approach acknowledges the unique earning structure of contractors and ensures they are not unfairly disadvantaged when seeking mortgage approval.
Why borrowing against day rate matters?
Traditional mortgage assessments often rely on net income, as shown in annual accounts and SA302 forms, which can significantly understate a contractor’s true earning potential.
Contractors often receive income in lump sums based on their contracts, not regular monthly salaries. This can make their net income appear lower after expenses and taxes. By considering gross contract income, lenders can provide a more accurate reflection of a contractor’s financial capability, enabling them to borrow larger amounts.
This approach acknowledges the unique earning structure of contractors and ensures they are not unfairly disadvantaged when seeking mortgage approval.
Mortgage options for day rate Contractors
It does not matter if you are contractor inside or outside of IR35. You’ve got choices!
We can help you get a mortgage whether you are contracting via a limited company, umbrella or PAYE. We can secure mortgages at fixed rates, variable rates, and special deals for first-time buyers or contractors aiming to remortgage their existing homes or buy another property.
First Time Buyer
Taking the plunge into homeownership? It’s a big step! But with our expert help for first time buyers, it’s easier than you think. Plan your budget, explore mortgages, and find your dream home!
Remortgage
Ready for a mortgage makeover? It doesn’t matter if you want to remortgage to snag better deals or cash in on your home’s value. Take control of your finances and save money along the way!
Buy to Let
Want to be your own landlord? Buy a property, rent it out, and watch the cash flow in! But remember, being a landlord has its responsibilities. Do your homework before diving in!
Why choose us?
Are you a contractor dreaming of homeownership? Here’s why you should choose us as your contractor mortgage broker:
Independent:
As an independent contractor mortgage broker, we offer unbiased advice that truly serves your best interests. Unlike tied brokers, we have access to a wide range of mortgage products from numerous providers. This enables us to secure the best deal for you, whether you’re a first-time buyer, remortgaging, or expanding your property portfolio. Our aim is to simplify the mortgage process, offer clear guidance, and support you at every stage.
Experienced:
We understand that no two contractors are alike, and neither are our mortgage solutions. Every contractor is unique, with distinct financial circumstances and career paths. That’s why we specialise in personalised mortgage solutions tailored to your specific needs and goals. Whether you’re a limited company contractor or work under an umbrella company, we are dedicated to finding the perfect mortgage product for you.
Friendly:
We believe in clear communication without the jargon. With direct contact numbers and email access to your dedicated mortgage advisor, we prioritise building lasting relationships that extend far beyond your first mortgage. Our approach is centred on your satisfaction and peace of mind throughout the entire mortgage journey.
Choose us as your partner in achieving your homeownership dreams. Contact us today to get started!
Client testimonials
Fee Jav
Client
Fantastic service from Mo and his team at Contract Mortgage Solutions. They made my remortgage process easy and efficient. A real pleasure to deal with, and I highly recommend them as great mortgage brokers.
Goretty Dias
Client
Mo is extremely professional and has helped me with new and remortgage transactions over the past 3 years. Contract Mortgage Solutions is efficient, communicative, and resolves issues well. Highly recommend!
Layla De Freitas
Client
Mo and his team have provided our mortgage for 7 years, helping us remortgage 3 times. Mo goes above and beyond with in-depth market knowledge and excellent service, even with our changing plans. Thank you!”
Want to know what we can do for you?
FAQ’S
Can I get a contractor mortgage if I have bad credit?
Yes, securing a contractor mortgage as a first-time buyer is possible even with bad credit. However, a poor credit history may limit your options and lead to higher interest rates or stricter lending criteria. We recommend consulting with one of our specialist advisors, as lenders offer tailored products for different credit profiles. Choosing the right lender is essential for a successful mortgage application.
How much deposit do I need for a contractor mortgage?
The deposit required for a contractor mortgage typically falls within 5% to 20% of the property’s value. The amount will depend on your financial circumstances and the lender’s requirements. A larger deposit often leads to more favourable terms and lower interest rates.
What documents do I need for a contractor mortgage application?
When applying for a contractor mortgage, you will generally need documents such as proof of identity (passport or driving license), proof of address (utility bills or bank statements), bank statements showing income deposits over several months, contract details with clients or agencies, tax returns or SA302 forms from HMRC, and any other relevant financial documentation.
Can I get a contractor mortgage if I’m self-employed?
Yes, contractor mortgages are available for self-employed individuals. Contractors and freelancers often fall into the self-employed category. However, lenders may require additional documentation to verify your income stability and affordability.
Can I switch my existing mortgage to a contractor mortgage?
Yes, switching your existing mortgage to a contractor mortgage is possible if you meet the lender’s criteria and demonstrate sufficient income. It’s best to consult with an independent financial advisor or speak directly with potential lenders to explore your options and figure out the best course of action.
Do I need to have been contracting for a specific period?
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.
Will I pay a higher interest rate as a contractor?
Can I get a mortgage whilst working through an umbrella company?
I’ve had credit problems in the past, will this stop me getting a mortgage?
What size deposit will I need?
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