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Mortgages
Contractor Mortgages
Get approved using your contract day rate, not accounts. Specialist contractor mortgages for limited company, umbrella and CIS contractors. Compare deals and find the best rates for your situation.
Day Rate Lending
Updated 2026
No Accounts Needed
What is a contractor mortgage?
A contractor mortgage uses your gross contract rate to determine how much you can borrow for a mortgage, not your accounts or payslips. This method is called contract-based underwriting, and enables contractors to borrow much more than they would using more traditional underwriting methods available on the High Street.
If you've approached a lender direct or conventional mortgage firm, you'll know how complicated advisors make it for contractors to get competitive mortgages. Untrained advisors and agents often struggle to interpret limited company income or umbrella payment structures, so try to use your accounts or payslips as the basis of their calculations instead. This method is doomed to failure.
Having dealt with contractor-friendly lenders since 2004, Freelancer Financials can help you find the contractor mortgage your income and status deserve. We'll use your gross contract day rate to secure your mortgage with a competitive interest rate. Furthermore, you'll get a fully bespoke service with dedicated mortgage advisor and admin support. Here's an introduction to our company and our services:
Our Partner
Freelancer Financials
Est. 2004
Award Winning
Day Rate Specialist
Having dealt with contractor-friendly lenders since 2004, Freelancer Financials can help you find the contractor mortgage your income and status deserve. We'll use your gross contract day rate to secure your mortgage with a competitive interest rate. Furthermore, you'll get a fully bespoke service with dedicated mortgage advisor and admin support.
Freelancer Financials Services
"Contractors have always struggled to get mortgages—traditional lenders required years of accounts and weren't designed for contract income. That's why we created Freelancer Financials: to change how lenders see contractors."
— John Yerou, CEO, Freelancer Financials
How much can I borrow for my contractor mortgage?
Every contractor is different, as is every lender's specific contractor mortgage lending criteria. So, how much you can borrow for your contractor mortgage will depend on multiple factors, including:
- Your contract rate and its duration.
- How long you've been contracting in your current industry (if it's only a short time, they'll need your recent work history too);
- How many dependants you're responsible for and their respective ages;
- Your credit history, including what credit agencies hold on record for you;
- Your existing financial commitments you need to carry forward;
- The duration over which you want to repay the mortgage;
- How much deposit you've managed to set aside compared to the home's value;
- The size of the mortgage itself;
As we've said, all lenders appraise contractors differently. But to give you a general idea of how much you can borrow, you can use the slider calculator below or the following calculation:
Day rate (£) × 5 days × 46 weeks × 4.5
The 4.5 is the average multiple contractor-friendly lenders use. Your actual borrowing will depend on the factors listed above.
Key to our success is understanding which mortgages suit our clients and what they're trying to achieve. If you've got a plan for your life and career, your mortgage should fit that. Get in touch here.
The more info you can provide upfront, the better prepared we can be when we get back to you. If you're further along, use the expanded form at the bottom of the page.
In the meantime, carry on reading for more information about contractor mortgages and how they work.
If you need a precise figure, start the conversation with Freelancer Financials by filling in this form.
Benefits of using a contractor mortgage specialist
As a contractor, you can make getting a mortgage as hard or as easy as you like. A specialist will help you in several ways:
Best rates for your situation
They know how to get you the best rate available for your unique situation no matter where you are on the property ladder.
Understand your setup
They work with you on your income structure, whether that's via a limited company, umbrella company or you're a freelancer/sole trader.
Lender know-how
They have detailed knowledge of which lenders are genuinely contractor-friendly (and those which aren't).
No accounts needed. They speak to specialist underwriters who accept short-term contracts as proof of income. In most instances, there's no need for SA302s, payslips or accounts. Your gross contract day rate is enough to secure a competitive mortgage that reflects your status.
Contractors engaging a specialist advisor, like Freelancer Financials, will find someone who understands contract income, mortgage affordability and the contractor lifestyle. Freelancer Financials have also been instrumental in helping banks and building societies develop tailored contractor mortgage lending criteria (contract-based underwriting). This is just one reason the team has won awards every year since 2014. Fill in the form below to get started.
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5 top tips for a successful contractor mortgage application
Here are five elements you can control to help an underwriter view your application in the best possible light:
1
Ensure your contract is up to date
Make sure you have a copy of your most recent contract and assignment schedule to hand when putting together your mortgage application. It's important to be able to show lenders not only how much income you have, but also how long you have remaining on your contract.
2
Avoid lengthy breaks between contracts
There are many perks to working as a contractor, not least being able to take breaks between contracts. This is great for holidays or similar. However, you should try to avoid taking breaks of more than 6-8 weeks. This is because lenders ideally want to see consistent income and contracts stretching back 12-24 months prior to your mortgage application.
3
Be realistic about your repayments
A common mistake many independent professionals make when searching for a contractor mortgage is being unrealistic when it comes to estimating their repayments. It's really important when putting your mortgage application together that you can afford the repayments you're committing to.
4
Have at least a 10% deposit
Most lenders will require you to have a good-sized deposit when you apply for a contractor mortgage. Ideally, you should aim to have at least a 10% deposit ready to pay upfront. Not only will lenders look on you more favourably, but better interest rates also begin at 90% LTV (10% deposit).
5
If suitable, look for mortgages that allow overpayments
Some contractors may find themselves with more money than they need on a regular basis thanks to high-value or frequent contracts. If this sounds like you, you should try to find a mortgage that allows you to pay chunks off in addition to your regular monthly repayments. This will enable you to take maximum advantage of your position and pay off more of your mortgage more quickly.
Search contractor mortgage deals
Find the best contractor mortgage deals available from our panel of specialist lenders. Use the search tool below to compare rates and find the perfect mortgage for your situation.
Contractor mortgages explained
How contractor mortgages work and what to expect when you speak to a specialist:
More contractor mortgage guides
Deeper reading on contractor mortgages by income type, contract status and stage of the property journey.
Guide to getting a competitive contractor mortgage
How to secure the best contractor mortgage deal using day-rate underwriting.
Mortgages for contractors via UK limited companies
How specialist lenders assess salary, dividends and retained profits for director-contractors.
Mortgages for umbrella company contractors
Day-rate mortgages when you’re paid via an umbrella company employer.
Mortgages for self-employed company directors
Director-level mortgages using salary, dividends and your share of retained company profits.
Getting a mortgage using your company’s retained profits
How specialist lenders count retained profits alongside salary and dividends to boost director borrowing.
Mortgages for IT contractors
Specialist mortgage advice tailored to UK IT contractors and consultants.
Construction Industry Scheme (CIS) mortgages
How CIS subcontractors can get a mortgage using gross or net pay schedules.
Remortgages for contractors
Remortgaging on a day rate — better rates, equity release and product switches.
Mortgages for self-employed workers
How specialist lenders assess self-employed income and affordability.
Self-employed mortgage with one year’s accounts
Get a self-employed mortgage with as little as nine months’ trading history.
Mortgage with two years’ self-employed accounts
Buying a home with two years of self-employed accounts signed off by an accountant.
Mortgages for sole traders
Sole trader mortgages using net profit as the basis of affordability.
Contractor mortgage news
Expert analysis on mortgage rates, the housing market and property tax from John Yerou and the team at Freelancer Financials.
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Read the articleFrequently asked questions
A contractor mortgage uses your gross contract rate to determine how much you can borrow for a mortgage, not your accounts or payslips. This method is called contract-based underwriting, and enables contractors to borrow much more than they would using more traditional underwriting methods available on the High Street.
To calculate your contractor mortgage borrowing amount, use this formula: Your day rate in £ × 5 days per week × 46 weeks per year × 4.5 (the average multiple contractor-friendly lenders use). The exact amount depends on factors including your deposit size, credit history, existing commitments, and contract duration.
No. Specialist contractor mortgage lenders use contract-based underwriting, which means they assess your borrowing capacity based on your gross contract day rate. In most instances, there's no need for SA302s, payslips or accounts.
Most lenders require at least a 10% deposit for contractor mortgages. Having a larger deposit improves your interest rates, as better rates typically begin at 90% LTV (10% deposit).
Yes. Many contractor-friendly lenders accept contracts of 6 months or less. Some require 12–24 months of contracting history. A specialist broker can match you to lenders whose criteria fit your contract length.
Yes. A 12-month contract is typically well received by contractor mortgage lenders. They use your day rate and contract terms to assess affordability.
Yes. First-time buyers can use contractor mortgages. You'll need at least a 10% deposit. Help to Buy and other schemes may apply depending on eligibility.
Protection insurance (life cover, critical illness, income protection) is not required for the mortgage itself, but many borrowers take it to cover repayments if they can't work. Freelancer Financials offers protection for contractors.
From application to offer, typically 2–4 weeks. It depends on the lender, your documents, and whether a valuation is needed. A specialist broker can speed the process by submitting to the right lender first.
Specialist contractor mortgage brokers – get expert advice
Get startedUpdated 2026
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