Can you get a mortgage as a contractor?
Ask this question too many mortgage brokers across the uk and you will get varied answers depending on experience of the broker you are speaking to. This is why the contractor mortgage broker was set up. We want to make sure that you are aware of the options available to you and ensure that every contractor in the Uk gets specialist financial advice from a broker that is knowledgeable and experienced when it comes to getting contractors mortgages.
It doesn’t have to be confusing nor hard for you to obtain a mortgage if you are working in this way no matter what sector you are in. If you have a fixed term contract we can help you get the mortgage you need to fund your house purchase. You can use one of our many tools on the website that shows you how much you may be able to borrow. The best thing for you to do is ring straight through to our office or fill in a call back request where one of our experienced contract mortgage brokers will be able to go through your current circumstances and get you a personal quote for your mortgage.
Please see an example of an IT contractor and how much they could borrow.
Lets have a look at a case study for a IT analyst in London the average daily rate is £370 per day this would work out to a max mortgage amount of £444,000. This is subject to status but it is worked out by simple maths take your daily rate multiply it by five = weekly salary then take your weekly salary multiply it by 48 this gives you your annual salary. Times your annual salary by five and this will give you an approximate mortgage amount.
This is a very loose guide and each mortgage is dependent on personal circumstances and the total amount can be dependent on other factors such as credit history and current financial commitments. If you would like us to do the maths so that you can find out as a contractor how much you could borrow use our contractor mortgage calculator.