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Contractor Mortgages for individuals
and umbrella companies

Mortgages for contractors working in IT have been around for some time now, but the good news is that this type of mortgage is now more widely available to an increasing number of individuals.


What is a Contractor Mortgage?

You may provide your services to a client through a contract between your limited company and your client. In these circumstances, it may be possible to assess the affordability of your mortgage based on the value of the contract.

How does a Contractor Mortgage differ from other mortgages?

With a Contractor Mortgage, the lender will consider your daily or hourly rate and work on the equation that you will work 48 weeks in any given year. For example, if you have a daily rate of £500.00 and you work five days a week, the lender will use an annual income figure of £120,000 to assess affordability.  

Zero Hour Contracts

An increasing number of individuals now have a zero hour contract with their employer, but this won’t necessarily stop you getting a mortgage.

Trading less than two years?

A number of lenders will now consider a mortgage application from someone who has been trading less than two years, as long as you can provide one year’s accounts or have a valid contract with the company you are retained by.

How can the Mortgage Marketplace help?

We work with all lenders that offer contractor mortgages and understand the unique criteria that each lender will apply.

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The Mortgage Marketplace