Contractor Mortgage Advice
Contractor mortgage advice from a family-run specialist broker. We know which lenders assess day rate and CIS income correctly, helping contractors across Lancashire, Greater Manchester and nationwide.
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How lenders assess income - day rate contractors
The most favourable approach for day rate contractors is annualisation, where the lender takes your daily rate, multiplies it by the number of days you work per year (typically 48 weeks x 5 days = 240 days), and uses the resulting figure as your income. This often produces a much higher income figure than tax returns or accounts would show, and can significantly increase what you are able to borrow. Not all lenders use this method, but the ones that do are often the most competitive for contractor applicants.
Most lenders prefer to see at least 12 months of contracting history, though some will consider less where the overall picture is strong.
If you are newly contracting, options are more limited but they do exist - particularly if you have a strong employment background in the same industry. We will tell you honestly what is realistic at your stage and what you can do to strengthen your position if needed.
What Documents Will You Need?
For day rate contracts, you'll typically need:
A current contract with a reasonable amount of time remaining
A CV or work history showing contracting background
3 months of business (if applicable) and personal bank statements
Proof of ID and address
We'll go through exactly what's needed for your specific application before you start, so there are no surprises and you can gather everything in one go.
How lenders assess income - fixed-term contract workers
Lenders vary on how they treat fixed-term contracts. Some require a history of renewals to demonstrate continuity; others will accept a current contract with time remaining. We will identify which lenders are most flexible for your contract type.
What Documents Will You Need?
For day rate contracts, you'll typically need:
A current contract with a reasonable amount of time remaining
Recent payslips (typically the last 3 months)
3 months of personal bank statements
Proof of ID and address
We'll go through exactly what's needed for your specific application before you start, so there are no surprises and you can gather everything in one go.
How lenders assess income - CIS workers
Construction Industry Scheme workers are assessed differently again. Some lenders will look at your gross CIS income from your tax returns or payment statements. Others will treat you as self-employed and require accounts. We know which lenders are most CIS-friendly and will identify the most suitable approach for your circumstances.
What Documents Will You Need?
For CIS workers, you'll typically need:
CIS payment statements
3 to 6 months of personal bank statements
Proof of ID and address
We'll go through exactly what's needed for your specific application before you start, so there are no surprises and you can gather everything in one go.
If you run your own limited company but do not work on a contract basis, you may fall under our self-employed mortgage advice instead — the way lenders assess your income will be different. Not sure which category applies to you? Speak to one of our advisers and we will tell you which approach gives you the best outcome. We also cover the full range of mortgage advice including remortgages and buy-to-let.
Contracting history
How Long Do You Need to Have Been Contracting?
Most lenders prefer to see at least 12 months of contracting history, though some will consider less where the overall picture is strong.
Key factors that help include:
A current contract with a reasonable amount of time remaining
A history of contract renewals with the same or similar clients
A consistent day rate over time, or a rate that has increasedBullet List 4
Previous employment in the same field before moving into contracting If you are newly contracting, options are more limited but they do exist — particularly if you have a strong employment background in the same industry.
We will tell you honestly what is realistic at your stage and what you can do to strengthen your position if needed.
Common concerns
1. "My day rate is good but my tax returns show a low income - will that be a problem?"
With the right lender, no. Many specialist lenders will annualise your day rate rather than relying on your tax return, which often produces a much higher income figure. The key is knowing which lenders take this approach.
2. "I'm between contracts at the moment - can I still apply?"
Possibly. Some lenders will proceed if you have a signed new contract, even before it starts. Others will want you to be actively working. We will advise on the realistic options for your timing.
3. "My contract is fixed-term and has less than six months left - is that a problem?"
It can be with some lenders, but not all. Some lenders are comfortable with shorter remaining contract terms if you have a strong track record of renewals. We will find the lenders most flexible on this.
4. "I work through an umbrella company - will lenders treat me the same as employed?"
Some will, some won't. Umbrella PAYE income is accepted by many lenders but a few require longer track records. We will match you to the right lender for your arrangement.
5. "I'm a CIS worker, does that make things harder?"
It can if you go to the wrong lender. Some high street lenders struggle with CIS income structures. Specialist lenders who understand CIS will assess your gross income properly, which can make a significant difference to what you can borrow.
Frequently Asked Questions
Can I get a mortgage as a contractor?
Yes. Contractors can access the same mortgage products and rates as employed applicants. The difference is in how income is assessed and which lenders are approached. With the right broker and the right lender, being a contractor is not a barrier to getting a competitive mortgage.
How do lenders calculate income for a day rate contractor?
The most favourable method is annualisation — multiplying your daily rate by the number of working days in a year (typically 240). Some lenders use this approach and it can significantly increase your borrowing capacity compared to lenders who rely on tax returns alone.
Do I need to have been contracting for a specific length of time?
Most lenders prefer 12 months of contracting history, though some will consider less where a strong track record exists in the same industry. We will advise on what is realistic based on your situation.
Can I get a mortgage if I am between contracts?
Possibly, depending on your circumstances. Some lenders will accept a signed future contract as evidence of income. We will tell you honestly what options exist for your timing.
I work under CIS - can I get a mortgage?
Yes. CIS workers can get mortgages, though the right lender matters. Some lenders assess CIS income on gross payment statements, which is often more favourable than going through lenders who treat CIS workers as standard self-employed. We know which lenders to approach.
Will my day rate mortgage be assessed on my tax return?
Not necessarily. Specialist lenders will often annualise your day rate instead of using your tax return, which is usually the more favourable approach for higher earners. We will identify the lender whose assessment method works best for your figures.
What other mortgage services do you offer?
As well as contractor mortgage advice, we advise on self-employed mortgages, adverse credit mortgages, mortgages for professionals, and mortgages for NHS workers. We also cover the full range of residential mortgage advice including first time buyers, remortgages, and buy-to-let.
Why Choose Aspect Mortgages?
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