Mortgages for Contractors

Wondering if it’s hard to get a mortgage as a contractor? Not with Key Solutions.

We’re a ‘whole of market’ broker, so you can compare deals from nearly every lender on the market.

We’re an award winning broker, with a 5.0 rating on Trustpilot from over 2,700 reviews!

You won’t be put in a system, you’ll be put through to a person, who cares about you.

Can’t get a mortgage as a contractor? We’ve got your back.

We know that applying for a mortgage as a contractor can be complicated and stressful. Managing your own business comes with enough challenges, but being accepted for a mortgage shouldn’t be one of them. 

The process of getting a mortgage as a contractor means you’ll need to supply more documentation than you would as a salaried employee, however it is in no way a lost cause. When you choose Key Solutions for Contractor Mortgages, we utilise our long-standing relationships to find your perfect lender.

How to get a mortgage as a contractor.

Securing a mortgage as a contractor follows a similar process to traditional mortgages, but with extra steps to verify your income. Just like salaried applicants, contractor borrowers need to convince the lender of their ability to consistently afford repayments. The challenge lies in proving income stability without regular paychecks or an employer to verify your earnings.

What do mortgage lenders look for from contractors?

Tax Returns: Typically, lenders request at least two years of tax returns (some may accept one year with strong financials) to assess your average income.

Business Financials: Profit and loss statements, balance sheets, and business bank statements provide a clear picture of your business health and income generation.

Credit Score: Maintaining a good credit score demonstrates responsible financial management, a positive sign for lenders.

Debt-to-Income Ratio: A low debt-to-income ratio shows you have the capacity to manage existing debts along with a mortgage payment.

Find out how much you can borrow as a contractor with our free mortgage calculator.

Our calculator is designed to make things easier for you, giving you a quick guide on how much you can borrow for any residential mortgage.

We take live information from nearly every mortgage lender in the market to give you an idea of your personal mortgage affordability, based on your income and outgoings.

All you need to do is fill in your information and your mortgage affordability will be displayed to you in a matter of minutes.

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Helping you secure some of the best contractor mortgages available on the market.

If you’ve been trying to arrange a mortgage by yourself, you’ll understand how difficult it can be to secure a mortgage as a contractor, especially when trying to achieve a competitive rate. Traditional banks and mortgage lenders might not be familiar with the complexities of income structures for limited companies or umbrella schemes, leading to them using payslips or accounts that don’t accurately reflect your earning potential.

Key Solutions Mortgages offers a personalised approach with a dedicated mortgage broker to understand your specific situation. They will understand how to leverage your gross contract rate to secure a competitive mortgage for contractors. With experience working with contractor-friendly lenders, we can help you find the right mortgage for your unique situation.

Can you get a mortgage as a contractor? Yes! Here’s how:

Initial consultation

We’ll meet with you to discuss your specific situation, including income, debts, and how much you want to borrow. Be upfront with us about your credit history; we can assess the impact and explain your options. In most cases, we will ask you to obtain a copy of your credit file so we can review it before we begin matching you up with prospective contractor mortgage lenders!

Lender matching & pre-qualification:

We’ll search for lenders specialising in contractor mortgages based on your situation. Pre-qualification will give you an estimated loan amount you might qualify for.

Documentation gathering:

You'll need to provide proof of income (pay slips, tax returns), verification of regular earnings and bank statements.

Application & negotiation:

We will guide you through the mortgage application process for the chosen lender(s). We can negotiate on your behalf to get the most favourable interest rate and terms possible!

Why choose Key Solutions for your contractor mortgage?

Your mortgage guaranteed

If we say you qualify for a mortgage, then we will stand by that decision and provide you with a 100% mortgage guarantee to you that you can get the funding you require. If we don’t, we will refund any associated cost you have incurred.

Your happiness guaranteed

Our advice to you is backed by our unique unconditional service guarantee which means if you are not happy with the service that we provide, just tell us why and we will immediately refund any fees that you have paid us.

Access to the mortgage market

As a trusted whole-of-market broker, we have access to nearly every mortgage product on the market as well as access to exclusive rates you won't get by going direct to a bank.

Quick and easy process

We will complete all research, administration and chasing on your behalf so you don’t have to worry about a thing! So leave it with us and your new mortgage offer will be with you quicker than you know it!

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Finding you the best contractor mortgage deals in the UK

To find out more and to let us help you with your contractor mortgage needs please give
us a call us on 0800 138 5856 or get in touch below.

FAQs about Mortgages for Contractors

Getting a mortgage as a contractor can be more challenging than for traditional employees due to the irregular income and less perceived stability. However, many lenders offer specific mortgages for contractors, considering factors like contract history and day rates instead of just salaried income.

Yes, a broker can be very helpful in securing a mortgage as a contractor. They have access to a wide range of lenders and products and can match you with the ones that are more likely to understand and accept your income structure. Brokers can also provide valuable advice on improving your application and negotiating better terms.

Yes, you can get a mortgage on a contract job. Lenders typically look at your contract history, the stability of your contracting work, and your overall financial situation. Demonstrating a consistent income stream and having a good credit history will improve your chances.

Similar to contractors, freelancers may face more scrutiny when applying for a mortgage due to variable income. However, with proper documentation and possibly the assistance of a broker, it is entirely feasible. Lenders will look at your track record, typically over two to three years, and your ability to manage finances.

Yes, many banks do offer mortgages to contractors. They often have specific criteria and may require more documentation to prove income stability. Specialised lenders may also be more flexible and understanding of contractors’ financial situations.

Several UK banks and building societies offer mortgages to contractors, including Halifax, Santander, and Barclays. Additionally, there are specialist lenders like Kensington and Precise Mortgages that cater specifically to contractors and self-employed individuals.

It is possible to get a mortgage if you have been a contractor for only one year, though it may be more difficult. Some lenders prefer at least two years of contracting history, but there are those who consider one-year contracts if you have a strong financial profile and a solid history in your field.

The amount of mortgage you can get as a contractor depends on various factors including your income, contract history, credit score, and the lender’s criteria. Generally, lenders may calculate the loan amount based on a multiple of your annual income, often around 4 to 5 times your annual earnings.

Yes, having a two-year contract can positively impact your mortgage application. It demonstrates income stability over a longer period, which many lenders view favourably. You will need to provide detailed documentation of your contract and income history.

Most lenders prefer at least two years of contracting history to consider you for a mortgage. This provides them with enough evidence of income stability. However, some lenders may be more flexible and consider shorter periods, especially if you have a strong financial background and relevant industry experience.