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Contractor Mortgages · Advanced Hacks

The Contractor Mortgages 100.
Advanced Hacks

Focus: Pro tips for experienced borrowers and complex deals.

20+Questions
100%Expert Answers
FCARegulated
Is there a different process for contractors?
TL;DR Discover how lenders assess income and whether is there a different process for contractors seeking finance in the UK. Learn about day rates and documents.
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Are there specialist mortgages for IT contractors?
TL;DR Discover how IT contractors in the UK can access specialist mortgages based on day rates. Learn about eligibility criteria, lender types, and potential risks.
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What is the minimum contract length for a mortgage?
TL;DR Discover what is the minimum contract length for a mortgage in the UK. Learn about short-term options, bridging loans, and how term lengths affect your costs.
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How do lenders calculate contractor income for a mortgage?
TL;DR Learn how lenders calculate contractor income for a mortgage. We explore day rate calculations, salary and dividend methods, and essential criteria for UK contractors.
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Do mortgage lenders accept contractors?
TL;DR Do mortgage lenders accept contractors? Learn how UK lenders assess contract income, the criteria you must meet, and how to improve your mortgage chances today.
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What questions do mortgage lenders ask contractors?
TL;DR Mortgage lenders ask contractors specific questions about daily rates, contract length, and income history. Learn how to prepare for your application here.
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Are remortgage rates higher for contractors?
TL;DR Learn if remortgage rates are higher for contractors in the UK. Discover how income is assessed, the impact of day rates, and how to secure a competitive deal.
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Can I remortgage if I’m now a contractor?
TL;DR Remortgaging as a contractor in the UK is possible, though lenders assess income differently. Learn how day rates, contract history, and specialist lenders help.
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What happens if I lose my contract after getting a mortgage?
TL;DR Losing your mortgage contract can be stressful, but it's usually not a major issue. Your lender holds the original documentation. Learn how to get copies and manage your mortgage details easily.
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Can contractors remortgage for a better deal?
TL;DR Are you a contractor looking to remortgage for a better deal? Learn how lenders assess contractor income, the documentation required, and tips for improving your mortgage application success rate.
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Do contractors pay extra when remortgaging?
TL;DR Contractors often face specific scrutiny when remortgaging due to income structure. While they don't automatically pay "extra," securing favourable rates depends heavily on documenting consistent, verifiable income.
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Are contractor remortgages easier to get?
TL;DR Contractor remortgages can be complex. We explain whether they are easier to secure, focusing on income verification methods, typical lender requirements, and how contract structure impacts eligibility in the UK.
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Can I switch lenders after my fixed term ends?
TL;DR Yes, you can switch mortgage lenders easily after your fixed term ends. Learn the key steps: finding a new deal (remortgaging), checking exit fees, and understanding affordability criteria. We guide you through the process.
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Can newly self-employed contractors get a mortgage?
TL;DR Newly self-employed contractors face challenges securing a mortgage due to limited trading history. Learn how specialists and proof of future contracts can help you qualify for a home loan.
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Can foreign contractors get UK mortgages?
TL;DR Foreign contractors often face unique challenges securing a UK mortgage due to complex income structures and residency rules. Learn the key requirements, necessary documentation, and steps to successfully apply for a mortgage in the UK.
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Can contractors in the UK buy a house abroad?
TL;DR UK contractors can successfully buy property abroad but face unique financing hurdles. We explain specialist mortgages, leveraging UK equity, tax implications, and required due diligence for purchasing an overseas house.
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Can I get a mortgage if I recently switched from permanent to contracting?
TL;DR Switching from permanent employment to contracting can complicate mortgage applications. Learn how lenders assess contract workers, the minimum contract history required, and steps to secure approval.
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Can contractors get a mortgage with only six months’ history?
TL;DR Can contractors get a mortgage with only six months' history? Find out what lenders require from new contractors, why standard affordability checks differ, and how specialist brokers can help you secure UK property financing.
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Can contractors with bad credit get a mortgage?
TL;DR Contractors with adverse credit often face complexity securing a mortgage. Learn how specialist lenders assess your application, focusing on contract stability and deposit size.
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Can I get a contractor mortgage with no trading history?
TL;DR Securing a mortgage as a new contractor can be challenging without historical trading accounts. Learn how specialist lenders assess affordability based on contract day rates and industry experience to help you buy property sooner.
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Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

More than 50% of borrowers receive offers better than our representative examples

The %APR rate you will be offered is dependent on your personal circumstances.

Mortgages and Remortgages

Representative example

Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

Secured / Second Charge Loans

Representative example

Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

Unsecured Loans

Representative example

Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

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