Contractor Mortgages
We work with more than 120 mortgage lenders, including
Are you a contractor searching for a new mortgage?
We understand securing a mortgage as a contractor can be more complex than for a traditional employee, but with the right guidance, you can successfully secure a mortgage.
Have review of the information below, it will walk you through everything you need to know about contractor mortgages, from eligibility and application tips to securing the best deal.
01
What is a contractor mortgage ?
A contractor mortgage is a type of mortgage specifically designed for self-employed individuals and contractors.
Unlike full-time employees, contractors have non-standard income streams, which can make getting a mortgage more complex. However, many lenders offer contractor mortgages that take your contract-based income into account.


02
What's unique about Contractor mortgages?
Contractor mortgages work in a similar way to traditional mortgages, but they consider your contractual income rather than a fixed salary. Lenders typically assess contractors based on their average annual earnings over a specified period. As a contractor, your income might fluctuate from month to month, but lenders will consider your history of consistent contract work.
Eligibility Criteria for Contractor Mortgages
While requirements can vary depending on the lender, here are the most common eligibility criteria for contractor mortgages:

Contract History:
Lenders will look at how long you’ve been working as a contractor. A stable contracting history of at least 12 months (ideally 2 years) may improve your chances of approval.

Income:
Your income will typically be assessed based on your day rate or annual contract value, and lenders may consider multiple years of contract income.

Credit Score:
A good credit score (above 600) can help improve your chances of securing a contractor mortgage with a favorable interest rate.

Deposit:
Like any mortgage, you will need a deposit, which can range from 5% to 20% of the property value, depending on the lender and the type of mortgage.

Contract Length:
Lenders may also consider the length of your current contract. Longer contracts provide more security, but contractors on short-term or rolling contracts may still be eligible for a mortgage.
How to Get a Contractor Mortgage
Getting a contractor mortgage is slightly different from a traditional mortgage.
Here’s a step-by-step guide to help you navigate the process:

Prepare Your Documents
Before you apply for a contractor mortgage, make sure you have all the necessary paperwork:
- Proof of income (contract details, pay slips, tax returns, bank statements)
- Evidence of your contracting history
- Your credit report
- Deposit details

Find a Specialist Lender or Broker
While many mainstream lenders offer contractor mortgages, it’s often better to use a mortgage broker who specialises in contractor mortgages.
A broker will help you compare deals across multiple lenders, potentially saving you time and money.

Submit Your Application
Once you’ve chosen a lender or broker, submit your application along with the required documents.
The lender will assess your financial situation and approve or deny your application based on your contract work, income, and credit score.

Get Mortgage Offer
If your application is successful, the lender will provide a mortgage offer that includes the loan amount, interest rate, and repayment terms.
It’s important to review the offer carefully before accepting.

Complete the Process
Once the mortgage offer is accepted, you will go through the legal and administrative process, including property valuation and signing the final contract.
Once completed, you’ll have access to your mortgage.
Advantages of Contractor Mortgages
There are several advantages to getting a contractor mortgage:

Flexible Lending Criteria:
Contractors have a more flexible approach to proving their income, allowing them to access better deals.

Specialist Support:
Many lenders and brokers now specialise in contractor mortgages, offering tailored advice and products.

Higher Borrowing Potential:
Depending on your income and contract, you may be able to borrow more than you would with a traditional salary-based mortgage.

Better Interest Rates:
With the right mortgage deal, you can secure competitive rates, especially if you have a good credit score and stable contract history.
Types of Contractor Mortgages
There are different types of contractor mortgages, each catering to different financial situations:

Fixed-Rate Contractor Mortgages:
These mortgages have an interest rate that remains the same for a specified term, offering stability for contractors who prefer consistent monthly payments

Variable-Rate Contractor Mortgages:
The interest rate on these mortgages can change over time, typically in relation to the Bank of England base rate. While they offer flexibility, they can lead to higher payments if rates increase.

Tracker Mortgages:
These mortgages are linked to the Bank of England base rate and track it, meaning your interest rate will increase or decrease as the base rate changes.
Why Choose Mortgage-Tek Mortgage Services
Get your right and on-point advice by our OMA-approved brokers. Working with Mortgage-Tek is simple and straightforward, here are the benefits we offer to our worthy clients.Â

FCA-Authorised & CeMap Qualified
Fully certified to deliver expert advice tailored to your needs.

Experienced in Niche Situations

Dedicated to Fairness

Expert advice
Time saving
Customised solutions
ABOUT US
Tailored Mortgage Solutions For Everyone
Expert mortgage providing services. stress free financing solutiondesigned for contractors. Our strategy revolves around your contract, finances and future goals.
Specialist Contractor Mortgages
We provide bespoke mortgage solutions specifically designed for contractors, addressing your unique financial situation and helping you secure the best deal.
HASSLE-FREE APPLICATION
PROCESS
Our streamlined application process is quick and straightforward, minimizing the paperwork and stress, ensuring a smooth experience from start to finish.
EXPERT GUIDANCE ON
EVERY STEP
Benefit from professional advice and expert guidance at every stage of your mortgage journey, ensuring you make the right decisions along the way.
UN-MATCHED CUSTOMER
SERVICE
We pride ourselves on offering unparalleled customer service, always prioritizing your needs and providing support whenever you need it throughout the process.
WHAT WE OFFER
Services we
can help you.
MortgageTek, a trusted contractor mortgage brokerage in Watford since 2018, specializes in tailored mortgage solutions. Our expert team is dedicated to guiding you every step of the way to make your dream home a reality.
01
FIRST TIME
BUYERS

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SELF EMPLOYED
MORTGAGES

03
DAY RATE
CONTRACTOR MORTGAGES

Frequently Asked Question
What is a Contractor Mortgage?
A Contractor Mortgage is a home loan designed specifically for contractors and freelancers who may not have traditional payslips or a regular income. It takes into account various income structures, including day rate and hourly rate contracts, to help contractors secure a mortgage for their dream home.
Who Qualifies for a Contractor Mortgage?
Contractor Mortgages are available to a wide range of contractors, including those working through limited companies, umbrella companies, or as sole traders. Qualification criteria may vary among lenders, but many consider applicants with a minimum of 12 to 24 months of contracting history.
What Are the Benefits of a Contractor Mortgage?
Contractor Mortgages offer several advantages, including:
- Flexibility in income assessment.
- Competitive interest rates.
- Access to a range of mortgage products.
- Opportunity for self-employed individuals to own a home.
How is Income Assessed for Contractor Mortgages?
Income assessment for Contractor Mortgages varies by lender. Some consider gross contract value, while others evaluate the average of the previous year’s earnings. It’s essential to work with an experienced mortgage advisor to find the right lender for your income structure.
Can First-Time Buyers Get Contractor Mortgages?
Yes, first-time buyers who are contractors can apply for Contractor Mortgages. Lenders typically require a minimum contracting history of 12 to 24 months and may have specific criteria for first-time buyers.
What Documents Are Required for a Contractor Mortgage Application?
Commonly required documents include proof of identity, proof of address, contract documentation, evidence of work history, financial documentation (bank statements), and property purchase documentation (if applicable). Your mortgage advisor can provide a detailed list.
Are Contractor Mortgages Available for Self-Employed Individuals?
Yes, Contractor Mortgages are an excellent option for self-employed individuals, including sole traders and freelancers. Lenders assess your income based on your contracting history and financial stability.
How Can I Improve My Chances of Approval?
To increase your chances of approval, consider the following:
- Maintain a stable contracting history.
- Manage your finances responsibly.
- Work with an experienced mortgage advisor.
- Ensure all required documents are accurate and up-to-date.
Can I Re-mortgage with a Contractor Mortgage?
Yes, many contractors choose to re-mortgage their homes to access better interest rates or release equity. The process is similar to obtaining a new mortgage, and it allows you to better manage your finances.
How Do I Begin the Contractor Mortgage Application Process?
You can start the application process by contacting Contractor Mortgage Solutions. Our team of experts will guide you through the entire process, from assessing your eligibility to finding the right lender and helping you secure your contractor mortgage.
TESTIMONIALS
What people say
Mo is extremely professional and has helped me on multiple occasions with new mortgage and remortgage transactions for the past 3 years. I found MortgageTek and the team to be efficient, have constant communication with me every step of the way, and be outstanding plus helpful in resolving any issues that may arise along the way. I highly recommend MortgageTek for any future transaction as Mo always gets good rates

GORETTY DIAS
Customer
Would thoroughly recommend using Mortgagetek if you are a contractor. Mortgage applications are confusing enough as it is, so it’s great you can depend on the application being made smoothly by the team at Mortgagetek. Kate was excellent in keeping me updated and dealing with any questions I had. Will use them again.
JAMES MORTON
Customer
Mo has helped me with multiple mortgage brokering both for new, remortgage and BTL transactions for about 4 years. I’ve found Mo and his team to be efficient, have clear and constant communication with me every step of the way, and very helpful to resolve any issues that may arise along the way. I unreservedly recommend MortgageTek.

SEUN OLOWOJEBUTU
Customer