Contractor Mortgages

Contractor mortgages can feel more complex than it needs to be. Short-term contracts, non-traditional income structures, or working through a limited company can make some lenders cautious. With the right advice, however, securing a contractor mortgage that reflects your true earning potential is very achievable

At Empire Mortgages, we specialise in contractor mortgages, helping contractors, freelancers, and consultants secure competitive mortgage deals based on their true earning potential rather than standard employment criteria.

Understanding Contractor Mortgages

Contractor mortgages are designed for professionals who work on a contract basis rather than in permanent employment. Instead of relying on payslips or two years of accounts, specialist lenders assess contractor income using contract details, such as day rate, contract length, and industry experience.

This approach allows many contractors to borrow amounts comparable to permanently employed applicants. With access to the right lenders, contractors are often assessed fairly and competitively. Empire Mortgages works with lenders who understand contractor income and apply criteria correctly.

Who Is Classed as a Contractor?

You may be considered a contractor if you work on a project or fixed-term basis, even if your income is paid through different structures. This includes professionals working in IT, engineering, construction, consultancy, healthcare, and other specialist industries.

Contractors may be paid through a limited company, an umbrella company, or as a sole trader. Regardless of how you are paid, Empire Mortgages will review your circumstances and match you with lenders who are comfortable with your income structure.

How Lenders Assess Contractor Income

One of the key differences with contractor mortgages is how income is calculated. Many lenders use a contract-based approach rather than historic accounts. This often involves multiplying your day rate by the number of working days per week and weeks per year to calculate an annual income figure.

Lenders may also consider the length of your current contract, your history of contract renewals, and your experience within your industry. Short gaps between contracts are often acceptable, particularly where there is strong demand for your skills. Presenting your application correctly is essential, and this is where specialist advice makes a real difference.

How Much Can Contractors Borrow?

The amount you can borrow with a contractor mortgage depends on several factors, including your assessed income, deposit size, credit profile, and existing financial commitments. For residential contractor mortgages, deposits can start from as little as five to ten percent, depending on the lender and your circumstances.

With the right lender, many contractors can borrow up to four and a half or even five times their assessed income. Empire Mortgages will calculate your borrowing potential accurately before you apply, helping you understand what is realistic and affordable.

Why Use a Specialist Broker?

Many high-street lenders do not assess contractor income correctly, which can lead to unnecessary declines or lower borrowing amounts. Using a specialist broker ensures your application is presented in the right way to lenders who understand contract-based income.
At Empire Mortgages, we package applications carefully, calculate income correctly, and match you with lenders whose criteria fit your profile. This approach improves approval rates and can often secure more competitive terms.

Expert Contractor Mortgage Advice from Empire Mortgages

At Empire Mortgages, we have extensive experience supporting contractors across a wide range of industries. Our advice is always tailored to your personal circumstances and future plans.

With over sixty years of combined experience, we offer whole-of-market access, including specialist contractor lenders.

We support contractors who are first-time buyers, home movers, remortgaging, or purchasing buy to let properties. Appointments are available in person, by phone, or via video call to suit your schedule.

Contact Empire Mortgages Today

Whether you are buying your first home, moving house, remortgaging, or investing in property, Empire Mortgages can help you secure the right contractor mortgage with confidence. Our expert advisers are here to guide you every step of the way.

Book your free contractor mortgage consultation with Empire Mortgages today.

We're 5 Star Rated - What Our Clients Say

    
 
 
       Posted on Google  
    Paula Wallace 
 
 
 
 Trustindex verifies that the original source of the review is Google. Craig has been helping us with our mortgage since we bought our first home in 2016. Now we are settling into our second home with yet more excellent service from Craig, Terri and his fabulous team at Empire Mortgages. Highly recommend 😊
  
 
      Posted on Google  
    Lynne S 
 
 
 
 Trustindex verifies that the original source of the review is Google. Highly recommend! I have had Nathan as my mortgage advisor for a good 4 years. So helpful, always gets the best deals and super lovely and great at what he does! He was with me every step of the way when I was getting my first mortgage, he made it all so easy and no stress at all.
  
 
      Posted on Google  
    Sharon Millen 
 
 
 
 Trustindex verifies that the original source of the review is Google. Always a professional job, great service wouldn't use anyone else - Nathan is fabulous 😀
  
 
      Posted on Google  
    Fraser Allan 
 
 
 
 Trustindex verifies that the original source of the review is Google. Brilliant company, always guided me with expert mortgage advice.

Friendly and helpful.
  
 
      Posted on Google  
    Sai Chand A Pinnoju 
 
 
 
 Trustindex verifies that the original source of the review is Google. One year in my new home, and I couldn’t be happier with how smoothly the whole journey went. Thanks to Empire Mortgages Ltd and a special mention to Nathan Hunter for making the mortgage process completely stress-free. I genuinely had to do very little other than trust Nathan and leave everything in his capable hands.

Buying a home can be overwhelming, but having the right person guiding you makes all the difference. A year on, with no issues whatsoever, I can truly say when you choose the right people, you’re sorted for life. Hassle-free, stress-free and highly recommended!
  
 
      Posted on Google  
    Brian Sparling 
 
 
 
 Trustindex verifies that the original source of the review is Google. I can highly recommend both Empire Mortgages Ltd and Nathan Hunter...Nathan made the process really easy and straight-forward, talked through all the options and made some recommendations based on what I needed. He kept me updated on progress even when I was away on holiday. I wont be using anyone else for mortgages now!
  
 
      Posted on Google  
    Laura Pettigrew 
 
 
 
 Trustindex verifies that the original source of the review is Google. Brilliant service from beginning to end. Craig has been our adviser for 10 years and both and the Team done a stellar job as always. I still cannot believe how quick and easy our application to offer journey has been. Thanks again
  
 
      Posted on Google  
    Nicole 
 
 
 
 Trustindex verifies that the original source of the review is Google. Great, thorough, informative service from start to finish. And very personable too!
  
 
      Posted on Google  
    Michael 
 
 
 
 Trustindex verifies that the original source of the review is Google. Nathan and the guys provide a first class service and made getting a mortgage for our first house and easy and straightforward process. They kept us up to date with everything and since then they have helped get us the best deal for us everytime we need to renew.
  
 
      Posted on Google  
    Abbie Pringle 
 
 
 
 Trustindex verifies that the original source of the review is Google. I would highly recommend Nathan at Empire Mortgages Ltd. He has always been a great help. He’s friendly and very informative. We are really happy with the service provided and will continue using Empire Mortgages Ltd in the future.

Contractor Mortgages FAQs

Can contractors get a mortgage?

Yes, contractors can get a mortgage. Many specialist lenders offer contractor mortgages that assess income using contract details rather than traditional payslips or accounts, making borrowing more accessible for contractors.

Do I need two years of accounts for a contractor mortgage?

In most cases, no. Many lenders will assess your application based on your current contract, previous contracts, and industry experience instead of requiring two years of accounts.

How do lenders calculate contractor income?

Contractor income is often calculated using your day rate multiplied by the number of working days per week and weeks per year. Lenders may also review contract length, renewal history, and experience within your industry.

How much can I borrow as a contractor?

Borrowing amounts depend on your assessed income, deposit, credit profile, and financial commitments. With the right lender, contractors can often borrow similar amounts to permanently employed applicants.

Refer a Friend Scheme

Recommend a friend who is new to Empire Mortgages and if they then take out their mortgage with us, you’ll each receive £50 worth of vouchers.