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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Empire Mortgages Ltd is an Appointed Representative of PRIMIS Mortgage Network, a trading name of TenetLime Ltd. TenetLime Ltd is authorised and regulated by the Financial Conduct Authority. Tenet Lime Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 150643.
Empire Mortgages Ltd may charge a fee for mortgage advice. The amount of the fee will depend on your circumstances and will be discussed and agreed with you at the earliest opportunity. Our typical fee is £295 payable on receipt of a full mortgage offer.
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