Contractor Mortgages

As a self-employed contractor many lenders would deem you high risk.

Even for highly skilled individuals receiving an income much higher than somebody employed in the same position, most lenders want the comfort of a permanent contract.

If you do work on a contractor basis, the majority of lenders would insist on 2-3 years signed accounts to prove income. Even if accounts can be provided, many contractors trading under a Ltd Co structure pay themselves a low basic salary with nominal dividends meaning there is a good level of retained profit which is often ignored by the lenders.

However, there are a number of lenders that can work on the strength of the contract rather than the profit of a Ltd Co. If you can prove a solid track record in your chosen field, it is usually possible for the lender to annualise your day rate to verify income meaning accounts may not be required.