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Day-Rate Contractors
Specialist Mortgage Advice For Day-Rate Contractors
Contracting on a day rate through your own company or an umbrella? We help you find lenders who assess your income from your contract rate.
Day-Rate Contractors
Your Day Rate Deserves Specialist Mortgage Advice
Understand how lenders may assess income from day-rate contracts.
01
Your Day Rate, Annualised
Many lenders work out your income from your contract rate. For example, some use your day rate × 5 days × 46 weeks, so a £500 day rate is treated as £115,000 a year.
02
Contracting History
Requirements vary, from 6 months of contract work at some lenders to 12 months or even 2 years at others, depending on your income.
03
Gaps Between Contracts
Some lenders accept gaps of up to 6 or 8 weeks. Others reduce the income they use if you've had gaps of more than 4 weeks in the last 12 months.
04
Umbrella Companies
If you're paid through an umbrella company, lenders may deduct umbrella fees and employer costs, such as employer National Insurance, before working out your income.
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FAQ
Common Questions
Everything you need to know about mortgages for day-rate contractors
How do lenders calculate income from a day rate?
Many annualise your contract rate. For example, some lenders use your day rate × 5 days × 46 weeks, so a £500 day rate becomes £115,000 a year. Some lenders also set a minimum income for contractors, such as £300 a day or £50,000 a year.
How long do I need to have been contracting?
It depends on the lender. Some ask for a minimum of 6 months' contract work, while others want 12 months' contract history, or up to 2 years' contracting experience if you earn under a certain amount, such as £50,000. Some also look for experience in the same field, for example 2 years, which can be shown with your CV or previous contracts.
What if I've had gaps between contracts?
Lenders set different limits. Some accept gaps of up to 6 weeks, and others consider gaps of up to 8 weeks standard. Others reduce the income they use if you've had gaps of more than 4 weeks in the last 12 months. For example, one lender works out income over 38 weeks instead of 46 if you've had an 8-week gap in the last 12 months.
What if my current contract is about to end?
Many lenders will ask for evidence that your contract has been renewed or that a new one is in place. When this is needed varies, from less than 1 month left on your contract at some lenders to less than 3 months at others.
I work through an umbrella company. Does that affect my mortgage?
It can change how your income is calculated. Some lenders deduct umbrella fees and employer costs, such as employer National Insurance and the Apprenticeship Levy, from your gross pay before annualising it. You may be asked for your latest 3 months' payslips and personal bank statements.
What documents will I need?
Lenders commonly ask for your current contract and previous contracts, along with recent bank statements. Some ask for 1 month's statements and others for 3 months' personal and business statements. You may also need your CV to show experience in your field, and payslips if you're paid through an umbrella company.