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Getting a mortgage when you’re a contractor isn’t easy. A lot of high street banks and other lenders will limit how much you can borrow or turn you down altogether simply because you’re a contractor.
This can be very frustrating, especially when you’re working alongside permanent staff who earn less than you and have a similar notice period to you, but who are able to get mortgages with no trouble at all.
So why is it so much harder to get the mortgage you need when you’re a well-paid contractor?
Well, if you’re like most contractors we speak to, then in order to work out what you earn per year, you probably take your day rate, multiply it by five days and then by 48 weeks to get your equivalent of an annual salary figure.
But most mortgage lenders don’t think that way. They will just look at your tax-efficient, but small, net salary. And so instead of seeing you as a high-earner with potentially a six-figure salary, they’ll see you as someone on a low income who could be out of a job at a moment’s notice.
But here’s the good news…
At Mortgage Broker Services, we’ve built relationships with lenders who understand how contractors work and how you get paid and who will treat you the same way they’d treat a permanent employee.
This means we can get you a mortgage based on your gross contract rate, allowing you to borrow way more than you’d get from a High Street bank. Plus, in most cases, you’ll be able to borrow up to 95% of the property value – just like a permanent employee could.
And we can do all this whether you work through your own company or an umbrella and regardless of whether your current contract is inside or outside IR35.
We can even help if you’ve just started a new contract, are coming to the end of your current one, or are brand new to the world of contracting.
To find out which mortgage offers you qualify for, fill in our one-minute enquiry form or call us on 0333 772 1551 to get straight through to a mortgage adviser (we don’t do call centres).
GET A FREE QUOTEStart Your Mortgage Search
Fill in your details below and one of our Contractor mortgage experts will contact you to let you know which mortgages you qualify for and help you choose the right deal.
or call us: 0333 772 1551
Why Choose Us?
Because we specialise in mortgages for Contractors, we can offer you access to all sorts of benefits you won’t find on the High Street or through other brokers.
Save Time and Money
We’ve got access to 1,000s of different mortgages from over 70 lenders, including exclusive deals that the lenders don’t offer direct to the public. That means we’ve got the best possible chance of finding you a mortgage that will save you money.
And we’ll save you time as well because we know what each lender typically wants to see and will ensure you gather those documents together upfront. In most cases, we’ll just need your contract, proof of ID and some bank statements to get your mortgage approved.
Plus, the fact that we deal with Contractors day in and day out means that, unlike some other brokers, we’ll know right from the start which lender is most likely to accept you. So, we won’t waste time (or damage your credit score) by submitting applications to multiple lenders in the desperate hope of finding one who’ll say yes.
Flexible Appointments
If you go to your local bank you could be waiting weeks to get an appointment and, when you do get one, it’ll probably be at a time when you’re meant to be working.
Here at Mortgage Broker Services, we know that if you have to take time off to go to the bank or meet with a mortgage broker during the working day then you’re losing money.
That’s why we offer a choice of daytime or evening appointments every day of the week (including Sundays). So you can be sure that we’ll be able to find a convenient time to discuss your mortgage requirements and find you the right deal without it costing you lost hours on your timesheet.
Maximise Your Borrowing
We can get you a larger mortgage – one that’s based on your daily rate rather than on your company’s net profit figure or your own PAYE salary.
In other words, we can take your day rate, multiply it by the number of working days in the year, deduct a few weeks for holidays or gaps between contracts, and then present that figure to a lender as your “annual salary”. The lenders we work with will then typically look to lend you up to 5.5 this amount, just like they would if you were a permanent employee.
We can also arrange Contractor mortgages of up to 95% loan to value, meaning you won’t need a huge deposit if you’re a first-time buyer.
No Minimum Contract Length
Sometimes we hear from Contractors who think they won’t be able to get a mortgage because they are new to contracting or they don’t have long left until the end of their current contract.
Fortunately, we have access to specialist lenders who don’t mind how long you’ve been in your current contact or how long is left on it. So, whether you’ve just started a new contract, are coming to the end of your current one, or are brand new to the world of contracting we can still look to help you.
What Our Customers Say
Errol turned around 2 remortgages for me within a 4/5 week period and also a remortgage, Life Policy & Landlords insurance for my partner, which was completed within 5 weeks. Outstanding work from Errol. Would highly recommend Errol for your mortgages and mortgage protection.
Antonio A Proprietor - Diamond Cut Carpets
I can't speak highly enough of Errol. Fantastic service from start to finish it was a lengthy and complicated process. He was at the end of phone any time of day, always available to answer questions, often at weekends. He has helped us out a great deal and provided a high quality service. One very happy customer.
Rob K Financial Controller - Climb Online
Errol has helped us to buy our new home. He is very professional, well educated, polite and co-operative person. We wish him a great success in his career.
Farukh A Project Manager - UK Power NetworksHow It Works
Get In Touch
Call us or complete the enquiry form. One of our advisers will call you back. We don’t have call centres so that adviser will be your point of contact throughout.
We'll Find Your Perfect Mortgage
Once we’ve taken a few details we’ll compare 1,000s of deals from over 70 lenders to find the one that is the best fit for you.
We’ll do all the heavy lifting
Sit back and relax while we submit your application and all the required paperwork, keeping you regularly updated along the way.
..until your mortgage is approved!
With our help you’ll have the greatest chance of being accepted for the mortgage you need at a competitive rate.
Just A Few of Our Mortgage Lenders
Contractor Mortgages With Better Rates and Higher Limits
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70+ Lenders
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Umbrella Companies Accepted
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Foreign Nationals Accepted
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Out of Hours Appointments
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Interest Only Options
Start Your Mortgage Search
Fill in your details below and one of our Contractor mortgage experts will contact you to let you know which mortgages you qualify for and help you choose the right deal.
or call us: 0333 772 1551
Start Your Mortgage Search
Fill in your details below and one of our Contractor mortgage experts will contact you to let you know which mortgages you qualify for and help you choose the right deal.
or call us: 0333 772 1551
