UK Contractor Mortgage Broker & Insurance Providers
Our specialty is securing mortgages for contractors and freelancers based on contract earnings alone. Not take-home pay. Not payslips. Not accounts. Our lenders use top line, gross contract rate to evidence affordability!
That’s one reason why, since 2004, we’ve helped tens of thousands of contractors buy homes or investment properties. We give independent professionals access to only relevant mortgage loans and protection. Plus, many of our often exclusive mortgage deals you’ll rarely find online or on the High Street.
Why do contractors need help getting a mortgage?
Mortgage providers punish limited company contractors because their payment structure isn’t PAYE. It wasn’t—and isn’t—fair. So, as an independent mortgage broker, we set out to change that bias attitude from the start.
We helped banks and their underwriters get their heads around the nuances of contracting. We sat down with them and helped them understand the relevant part of contract earnings for affordability assessment.
These negotiations paved the way for a range of specialist mortgages for independent professionals. Today, we work with more contractor-friendly mortgage lenders than ever, allowing contractors to borrow against their gross contract income.
Why is borrowing against gross income important?
Using gross income allows limited company contractors to borrow more than if they used their accounts and SA302s. You can see how much you could potentially borrow against your day rate with this calculator*:
Contractor Mortgage Calculator
How much can I borrow on my daily rate?
Potential Borrowing = £
*The calculator offers a guideline only. It is not an offer and new post-COVID mortgage criteria may impact your upper borrowing ceiling.
Please talk to one of our advisors in 100% confidence before approaching potential a lender. We are whole of market and can whittle down the field to the most appropriate lender for your circumstances!
Independence brings opportunity—for us both
As a bespoke contractor mortgage broker, we know our task is far from complete. We continue to knock on doors of banking groups who are yet to adopt contract-based underwriting. Our 100% independence means we don’t have to stop until all lenders understand contract income.
This persistence and experience helps us pass on benefits to you and the contracting community. Mortgage providers trust us to verify and use your contract rate as the base for mortgage affordability.
That trust helps us offer contractors access to greater funds than their employed peers. Our interest rates, some of which are exclusive to our brand, are also as competitive.
That’s us and what we do. We’re sure you have many more questions about getting a mortgage as a contractor. Here are a few answers to frequent questions to help you on your way:
To understand how mortgages work for contractors, it helps to view a contractor from a lender’s perspective. We look at that from all angles.
Then our FAQ prepares contractors for the application process. From the documents and deposit you need to how to find a mortgage broker, we cover it all.
We offer three simple calculators to help you budget for buying a home. They give you ballpark figures against your contract rate and the cost of your property.
The Contractor Mortgages Calculator indicates how much your day rate will allow you to borrow from a lender. The Stamp Duty and Repayment calculators give you cost guidelines against the value of your home and mortgage.
Most banking groups have at least one arm that has adopted contract-based underwriting. Plenty of independent banks and building societies have. A reticent few simply haven’t (or won’t). But if you’ve tried the High Street, you probably think “No. Most banks haven’t!”
The reality is, as a contractor you’re a specialist borrower. In-branch staff rarely have access to the policies that optimise your income. Moreover, most lenders will only deal with contract-based underwriting through vetted brokers. This removes part of the risk from their assessment process.
Our list confirms those lenders who do and definitely don’t. But it is ever-changing, so if you don’t see your preferred lender there, give us a call.
Contracting can be a lonely profession. Who do you turn to to keep up to date with everything that impacts your lifestyle choice?
If you need detailed information on a contractor-specific topic, we’ve written comprehensive guides. From tax-planning, accounting and IR35 to pensions, insurance and investments, it’s all there.
Insurance works differently for contractors. Being able to get back to work and being able to get back to doing your specialist skill are two very different things. Protecting your ‘salary’ is a lot different from insuring against the loss of your contract rate.
You’ve worked too hard creating your lifestyle to let an accident take it all away from you. From life and critical illness cover to freelancer and IR35 insurance, we can help you protect the life you’ve built, no matter what.