What is a contractor mortgage?
If you are employed as a contractor, you can apply for a contractor mortgage where a lender looks at your gross contract earnings and, by using their standard multiplier on these earnings, can determine the maximum amount they will lend to you.
Frequently asked questions
How hard is it to get a mortgage as a contractor?
Contractors can face problems getting a mortgage as their taxable income is minimised by legitimate methods to reduce your tax bill. Although this is great for tax planning, this affects your potential borrowing amount. However, we know which lenders will best suit your circumstances and understand the different application procedures.
Can people on fixed term contracts get mortgages?
Yes. We have been building our network of lenders who understand a contractor’s payment structure and can help secure you a mortgage based on your gross contract earnings.
Do I need to show accounts to get a contractor mortgage?
For borrowers who have just started contracting or have less than three years’ accounts, you can still apply for a mortgage. All we will need from you is a signed copy of your current contract displaying your rate, an up-to-date CV confirming your employment history, the last 3 months’ bank statements confirming your contract earnings and proof of ID, passport, utility bill or driving licence.
Why choose The Mortgage Brain?
We have access to over 12,000 mortgage deals with hundreds of lenders
All our advisers are CeMAP qualified to find the most suitable mortgage for you and your circumstances
You can follow your mortgage application every step of the way via our online customer portal
We have thousands of happy customers and have a 5 star rating on Trustpilot and 4.9/5 on Google reviews
Your dedicated adviser will be with you every step of the way, from the initial consultation to the completion of your mortgage
What our customers have to say...
How our expert mortgage advice service works
We’ve made it easy for you to get in touch to start talking about your mortgage.
We know it can be a stressful experience so our expert mortgage advisers are a friendly team and will help you to find the best mortgage deal to suit your own personal situation, whether it’s your first mortgage or you are further up the property ladder. Based on your income and deposit, or equity in your current property, we will show you a range of mortgage options. Once you have decided which one you prefer, we will progress your application with the lender until your mortgage is approved.
It’s a simple and stress-free way to find a mortgage!
Are you ready to secure your contractor mortgage deal?
Connect with one of our expert mortgage advisers to discuss the right first contractor mortgage for you. Click below to book a 30 minute, no obligation, appointment.