Find a mortgage deal that works for your unique employment situation.
If you work on a contract basis, getting a mortgage doesn’t have to be complicated. We help contractors understand how lenders assess income and secure a mortgage that fits how you work.
At The Mortgage Heroes, we understand contractor income structures, including CIS arrangements, and match you with lenders who take a practical and up-to-date view.
A contractor mortgage is for people who work on fixed-term contracts rather than in permanent employment. This can include IT contractors, consultants, engineers, interim professionals, and those working through limited companies, umbrella companies, as sole traders, or under the Construction Industry Scheme (CIS).
Many contractors assume lenders will only assess traditional payslips or full company accounts. In reality, some lenders assess income based on your day rate, contract value, work history, or CIS payment statements. This can significantly improve borrowing potential compared to standard underwriting.
Contractor mortgage criteria varies between lenders, but many contractors may be eligible if they work on fixed-term contracts with a clear day rate and have relevant experience or a track record of renewals. Lenders will also consider how you’re paid, whether through a limited company, umbrella company, or as a sole trader, alongside your credit profile and deposit.
CIS contractors are often assessed using payslips and payment statements rather than full accounts, and some lenders use specialist underwriting models for this. Even if your contract includes gaps or a renewal is pending, options may still be available depending on the lender.
We focus on making contractor income work for lenders.
We talk through your contract, working history, and mortgage goals.
We assess income using day rate, contract terms, or accounts where appropriate.
We identify lenders who specialise in contractor mortgages.
We explain your borrowing options and affordability clearly.
We manage the application and liaise with lenders on your behalf.
Contract work can involve less certainty than permanent employment. Reviewing protection can help safeguard your home and income if work stops unexpectedly.
Yes, in many cases. Some lenders are comfortable with short-term contracts if you have a strong work history in the same field. They often look at your experience, renewal pattern, and overall demand for your skills rather than just the contract end date.
Some do. Specialist contractor lenders may calculate income by multiplying your day rate by a standard number of working days. This approach can significantly increase borrowing potential compared to using payslips or company accounts, but it depends on the lender and contract structure.
An upcoming contract end doesn’t automatically mean a decline. Lenders may accept evidence of renewals, future contracts, or a consistent history of work. We’ll help position your application with lenders that take a pragmatic view.
They can, but they’re not always a problem. Short or infrequent gaps are common in contracting. Lenders often look at overall career stability rather than continuous contracts, especially if gaps are well explained.
Yes. Many lenders accept umbrella company income, although criteria varies. We’ll review how your income is structured and match you with lenders whose requirements fit.
Not necessarily. Remortgaging follows the same income assessment as a purchase. If your income or contract structure has changed, we’ll help identify lenders that still offer suitable options.
Lenders don’t all treat contractor income the same way. Some calculate income by multiplying your day rate by a set number of working days, while others may fall back on accounts or payslips depending on how you’re paid.
Choosing the right lender can make a significant difference. We’ll explain which approach applies to you and why.
Start your journey online with The Mortgage Heroes. Our experts are here to help, offering clear, practical advice and support for your mortgage journey – without the pressure.
