Contractors
Why use a Contractor Mortgage broker?
If you are a contractor working via a Ltd Company or through an umbrella payroll under IR35 regulations, a contractor mortgage allows your income to be assessed more flexibly and fairly, using your hourly or day rate.
If you are contracting in the Healthcare sector (via agencies to the NHS or Private services), it’s unlikely you’ll have a traditional style contract (with a start/end date and minimum weekly hours). We work with lenders who understand this, and can offer bespoke underwriting.
Providers of contractor mortgages have differing lending policies and criteria, but typically they will want evidence* that you’ve been working in the same industry for two years or more, with some considering a combination of employed and contracting experience, and [at the time of full application] often require a minimum period remaining on your current contract, or a confirmation of renewal.
*In most cases, they ask for contracts from the last 12 months. If you are contracting through an umbrella payroll structure, also copies of your payslips and supporting bank statements.
Contractors
We Specialise
Contractor Mortgages 4U is a trading style of Imperium Mortgages Ltd, and specialises in working with contractors across many different industry sectors and employment structures (e.g. IT, healthcare, financial services, construction, oil and gas). Our team has built up extensive knowledge and experience over many years, building strong established relationships with lenders.
Our knowledge and experience allow us to support you by providing open-market independent mortgage advice and recommendations, tailored to your specific needs and circumstances.
This is only a guide and does not guarantee eligibility for a mortgage.
Your final deal will also consider other factors including:
- Deposit amount
- Mortgage term
- Joint ownership
- Dependants and other financial commitments
- Credit history and rating
