CONTRACTOR MORTGAGES
Our specialists find the best mortgage for you
CONTRACTOR MORTGAGES
Our specialists find the best mortgage for you
Use your contractor day rate to secure your mortgage
Your contractor day rate will be used to work out the amount you can borrow, not pay slips or tax returns. We know what feels like ‘secret criteria’ to secure high street mortgage deals for contractors. You can even secure a mortgage on your very first contract.
Whether you are considering a move or a remortgage, it will be best to chat with a specialist contractor mortgage adviser who will listen to your objectives and ensure you get the best mortgage for you. Find out how much you can borrow…
Chat over your objectives with an Expert Mortgage Adviser now on
01273 736536
Buying your first home in 4 simple steps
Step 1
Talk to a specialist contractor mortgage expert to chat over your objectives and current contract.
Step 2
Let your personal specialist mortgage adviser save you time and money by researching the whole of the market to find the right contractor mortgage for you.
Step 3
Once you are confident and happy, your personal specialist mortgage adviser will apply online for the best mortgage for you.
Step 4
Your dedicated relationship manager will correspond with the lender, keeping your informed along the way until your objectives are met and the mortgage has completed.
Get the right contractor mortgage for you, chat with an independent experienced adviser now!
What you need to know…
Do you really need to have two or three years of accounts?
No, you don’t. Although technically speaking you may be self-employed we know which lenders will work on your contracting day rate and effectively use your income as if you are employed. Number One Mortgages have specialist advisers who can unlock High Street deals and often have exclusive rates available to you too. The time you have been contracting won’t necessarily be important, you may even be able to secure the mortgage you require on your very first contract.
How long do you need to have been contracting before being able to secure a High Street mortgage?
Most lenders and inexperienced brokers will advise you that you need to have been contracting for a minimum of 6 months and have had a contract renewed at least once before considering using your income. Our specialist contractor experts work closely with key underwriters and can secure a mortgage as soon as you start contracting! And this can be assessed on your ‘day rate’ with no need for pay slips or tax returns.
How much deposit do you need as a contractor?
You will need a minimum of a 5% deposit, the interest rates will improve if you can achieve a 10% deposit. Our knowledge and expertise will enable you to purchase with the Help to Buy government scheme if you wish. It is important to know all the costs involved not just the deposit required, our specialist contractor advisers can provide you with details of all the costs with selling and buying a property or remortgaging.
How much can you borrow?
The amount you can borrow will vary depending on your commitments and dependants, every lender has an affordability calculation that is completed. You may be able to borrow up to 5 x your joint income. Why not try our Contractor Day Rate ‘How much can I borrow’ calculator. If you want to have the confidence in the amount you can borrow and the monthly costs speak with a specialist contractor adviser today.
Will you pay a higher interest rate on a contractor mortgage?
No, interest rates are generally the same for Contractors as for permanent staff, and with contractor exclusive deals available to Number One Mortgages we may even be able to secure you a better deal.
Is it more complicated to get a Contractor Mortgage?
You will have less choice, but it isn’t really any more complicated than securing a mortgage as an employed permanent member of staff with a specialist contractor expert on your side. The most common paperwork to evidence your contractor income is your latest signed contract and potentially an up to date CV. With our knowledge and focus on delivering an excellent service you’ll find the process relatively simple.
What is the benefit of having an agreement in principle?
An Agreement in Principle, also known as a ‘Decision in Principle’ will be provided after affordability and credit checks have been approved. An Agreement in Principle is extremely useful to increase your confidence when viewing and offering on properties. Estate Agents will typically want to see an Agreement in Principle before presenting your offer to the seller. Our personal advisers can help you with this.
What insurance will I need?
It’s a requirement of your mortgage to have buildings insurance. This covers the bricks and mortar of the property. It’s also a good idea to take advice from your personal adviser on protecting you and your loved ones if something bad happens. For example: Life Cover, Critical Illness Cover and Income Protection.
How much will my monthly payments be?
Your monthly payments will vary according to the chosen mortgage term, choice of product, level of deposit and repayment type. You can get an indication of the monthly payments by using our calculator below, but it is best to chat with a personal contractor adviser to find out exactly what interest rate and term you can secure to give an accurate monthly payment.
Useful calculators
Chat over your objectives with an Expert Mortgage Adviser now on
01273 736536
Chat over your objectives with an Expert Mortgage Adviser now on
01273 736536
Chat over your objectives with an Expert Mortgage Adviser now on
01273 736536
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