How to get a mortgage as a contractor

Your home may be repossessed if you do not keep up repayments on your mortgage

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The professional landscape looks very different today than compared to 20 years ago. Many more contractors make up a significant portion of the workforce. Whether you’re a contractor because you prefer the greater flexibility, the chance to vary your career experience or the opportunity for greater rewards, you shouldn’t be penalised when it comes to your mortgage choices. Traditionally lenders often declined applications from contractors on the grounds that their incomes were temporary but many now realise that contracting is a much more reliable, attractive long-term career path. Here at Mortgage Style we work with lenders that understand the employment advantages enjoyed by contractors and have developed mortgage choices to suit them.  

Calculating an annual income as a contractor

One of the biggest stumbling blocks when applying for a mortgage is satisfying the criteria for income. We work with lenders that, provided you have worked in your current industry for a minimum of two years, will use your contract day rate as base to calculate your annual income: (Contract day rate x 5) x 48 weeks = annual income  

Get expert advice from our friendly professionals

Mortgage Style is an award-winning broker based in Bristol. Between us we have over 100 years’ experience and help hundreds of clients find a mortgage to suit their needs. We have a reputation for tenacity and always go further to find a deal, even where other brokers have failed. Challenging mortgages in exceptional circumstances are our speciality and we’d love the chance to hear about your situation. Please get in touch today to find our more. We’ll talk you through our service and what you can expect. We charge a fee but you won’t pay anything unless you go ahead with our advice. contact@mortgage-style.co.uk 01275 370360 YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP TO DATE WITH YOUR MORTGAGE REPAYMENTS. There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £495 to £595 and this will be discussed and agreed with you at the earliest opportunity.