Halifax contractor mortgage lending criteria
Halifax has been the go-to lender for contractors for years. Being the first high street lender to adopt a ‘day rate’ calculation, Halifax set the tone for contractor mortgages as we know them today, with market-leading lending criteria, such as:
- Ltd company and umbrella contractors accepted
- No minimum income requirements for IT contractors or umbrella workers
- Other contractors are eligible from £75,000 per annum
- Day-one contractors accepted
- Market-leading mortgage rates
Contractor types
Today, Halifax understands the unique needs of contractors and offer tailored solutions for a wide range of scenarios. It continues to lead the market in affordable mortgages for contractors of all kinds:
- Limited company contractors
- Umbrella employees
- Sole traders
- CIS contractors
- Foreign nationals
- Day-1 contractors
For IT contractors, Halifax imposes no minimum income threshold. All other types of contractors must earn £75,000 per annum/£326 per day. Non-IT contractors NOT contracted five days a week must earn at least £500/day.
Compare the latest mortgage deals from Halifax
Experience and evidence
Halifax has different criteria for the different ways contractors conduct their businesses. Here’s an overview of payment structure type.
Existing contractors
Halifax requires contractors to have at least 4-6 weeks remaining on their contract at the time of application. This reassurance is critical for contractors nearing the end of their current contract. If they have less than 4-6 weeks, they must provide evidence of a contract renewal or extension.
Day 1 contractors
Halifax will consider day-one contractors as long as they have at least two years of 'same' industry experience. An up-to-date CV is all the further evidence the lender needs.
Construction Industry Scheme (CIS) contractors
Halifax will work off 13 weeks or three months' remittance slips or payslips for CIS workers. This makes them a highly competitive and accessible lender for contractors working in the construction industry.
Specialist global support
Halifax' underwriters are experts in helping foreign currency contractors. They support non-UK nationals across all loan-to-value (LTV) tiers.
Find out how much you can borrow
Why choose Halifax?
Halifax’s experience in lending to the different types of contractors makes it a leader in the field. The lender stands out as one of the best choices for contractors by offering:
- Market-leading rates
- Fair and efficient underwriting
- A contractor-friendly approach
Such experience and flexibility make them an excellent option for contractors seeking a lender that truly understands their needs and how they work.
In a nutshell
It’s clear why Halifax has been the go-to lender for professional contractors for so long. If you’re an independent professional looking for reliability and flexibility, Halifax is hard to beat.
Talk to the contractor mortgage experts
As the leading mortgage broker for contractors and the flexible labour workforce, you’ll be in safe hands with Freelancer Financials.
Freelancer Financials is an independent broker with access to every mortgage from every lender, meaning we can offer truly unbiased advice and find you the best deal for your unique circumstances.
Established more than 20 years ago, we have a proven track record of arranging over 30,000 mortgages for contractors, umbrella company workers, CIS subcontractors and the self-employed.
Our specialist broking team will support you throughout your mortgage journey, and we have nearly 1000 5-star reviews from clients to prove it. Whatever your mortgage needs, it’s time to talk to the experts.
Accreditation & recognition
Freelancer Financials is a multiple award-winning brand of Mortgage Quest Ltd.
You can find details of our FCA accreditation here.
Rated 5 out of 5 stars based on 900+ Google and Facebook customer reviews
Choose your mortgage
First-time buyer mortgages
Home mover mortgages
Remortgages
Buy-to-let mortgages
Mortgages for affordable housing schemes
