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All you need to know about Contractor Mortgages


With very little awareness and due to lack of information, many Contractors in the UK aren’t really sure of the process to secure a mortgage.

When we got in touch with a few of them and asked them if they know anything about Contractor Mortgages? Their answer was a simple NO, and we weren’t really surprised with that.

Some of them even told us that it is virtually impossible to secure a mortgage as a Contractor in the UK.

Well, not really! First things first, it is definitely possible for a Contractor to secure a mortgage, and that too with ease.

It was in the very early days, when a Contractor had to present three years of accounts, or undergo self-certification process to determine how much they could borrow. Those days are way gone.

Finding and applying for a mortgage could prove to be a stressful exercise only if you end up dealing with a mortgage broker who doesn’t understand your requirements or has no experience of dealing with contractor mortgages. Otherwise, it is a very simple and straightforward process.

Contractor mortgages are assessed on daily rates and not on the basis of pay slips or financial accounts. 

Banks are now terming these types of mortgage as Contractor Mortgages. All you need to apply for a mortgage is a specialist contractor mortgage broker, to ensure that your mortgage application is smooth and to make sure that your application meets the guidelines and underwriting criteria of the lender.

What a specialist contractor mortgage broker does is, they act as the intermediary between you and the lender, and makes sure that your mortgage application is in front of the right people, and they can help you avoid irrelevant HMRC documents by presenting your application in the right manner.

All you need for your mortgage application:

A. Signed copy of your current contract

B. Utility Bill for address proof

C. 2 ID Proof (For example, Passport or Driving Licence)

D. Last 3 month bank statement

 If you need any help if securing a mortgage, feel free to drop us an email on OR Click Here and fill a small form, and our team will be in touch with you.

Source: Self

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Smit Shah

Smit is the Owner of, an avid blogger and likes to write about Contracting, SEO and Social Media.

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Contractor Daily is an information and news portal for UK Contractors and Freelancers. Besides news and information, we would be also providing services like Contractor Accounting, Mortgages, Insurance, Tax Planning, IR35 Review and other related services.

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