Contractor Mortgages

Everyone has a different opinion & a different story when it comes to attempting to acquire a contractor mortgage. All of us have heard some horror stories. In this post, I have put together tips to help you sail smoothly in your quest to get a contractor mortgage.

Use a Specialist

As a contractor, one of the most significant starting points when selecting a mortgage is making sure that you choose a contractor friendly mortgage broker. It may appear self-explanatory, however majority of professionals entering the world of contracting normally fall at this hurdle, trying to use traditional lenders & high street financial institutions for such specialist markets.

The main reason why this is very important is that many lending institutions as well as financiers aren’t aware or familiar of the ins & outs of contracting profession. Normally, if a contractor approaches a mortgage provider, they don’t get much past requesting for more information about your employer or your annual salary.

If you are self-employed, it’s advisable that you use a contractor mortgage to get competitive rates that are based on their contract rates, not necessarily having to depend on several years of service in fixed positions. The best contractor mortgage provider has experience in handling big lenders, and understands perfectly well how to present applications from contractors.

Keep on Top of your Contract

Although a contractor mortgage is something that professionals can acquire without proof of annual salary, however they would be required to provide a copy of an updated, signed contract available. Be sure to keep on top of the contract, by making sure that the duration of the service as well as daily rate is clear to be seen, this can be critical in securing a mortgage loan. A contract mortgage lender needs this as part of evidence, saving contractor masses of clerical and administrative hassle.


In summary, getting a contractor mortgage calls for keeping on top of your contract, using a specialist, shopping around and managing your finances properly.

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