Contractor Mortgages

Contractor mortgages are tailored for those with non-traditional income, like IT professionals on contracts. Instead of relying on a fixed salary, lenders assess factors such as annualised day rates, contract length, and sector demand—especially strong in the tech industry.

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Key Benefits

Specialist Contractor Mortgages:

Some lenders offer mortgages tailored to contractors, considering day rates or contract value rather than traditional payslips.

Higher Borrowing Potential Contractor:

friendly lenders may use your gross contract income (e.g. day rate × 5 days × 46 weeks), which can allow for a larger loan amount.

Flexible Criteria You may not need to show years of accounts:

some lenders accept just 3–6 months of contract history, especially in IT or engineering sectors.

No Additional Fees:

At WIS Mortgages, we provide fee-free advice—you won’t pay broker charges for contractor mortgage guidance.

Access to the Whole Market:

We work with high street and specialist lenders, helping match your unique contract profile with the most suitable deal.

Eligibility Criteria and Requirements.

Who Can Apply?

A day-rate or fixed-term contractor
Operating through a limited company and umbrella company.
Working in sectors such as IT, engineering, healthcare, education, finance, or construction
On a current contract with at least 3–6 months remaining, or a strong renewal history
A UK resident or have the right to reside and work in the UK

What are the Requirements?

A current contract showing your agreed day or hourly rate
Evidence of contracting history (typically 6–12 months)
Proof of income stability, such as previous contracts or a CV
Bank statements (usually 3–6 months’ personal and/or business)
ID and proof of address
A good credit history and acceptable level of existing debt
A deposit—usually 5% to 15%, depending on lender and circumstances

Please note: Meeting these criteria does not guarantee mortgage approval. All applications are subject to underwriting and affordability checks by the lender.

Instant Mortgage Quoting

Use the quick and simple quotation system to get a mortgage quote in seconds.

How the Application Process Work?

Applying for a mortgage through our service is straightforward

Book an Appointment

Book an appointment with one of our advisers to discuss your mortgage requirements. Be transparent about your situation so we make the whole journey much smoother for you.

Download MortgagX app

Download MortgagX app, fill in a few key details, select the recommended mortgage product, upload your documents and relax till we get your mortgage sorted.

Completion

Enter your new dream home!

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Processing times vary depending on lender efficiency and individual case complexity.

Important Information And Regulatory Disclosure

Risk Warning

Your property may be repossessed if you do not keep up repayments on your mortgage.

FCA Authorisation

This service is provided by WIS Mortgages, which is authorised and regulated by the Financial Conduct Authority.

Fee & Commission Disclosure

We act as a mortgage intermediary and may receive commission from lenders. A fee may be payable for mortgage advice, which will be disclosed clearly in advance.

Adviser Disclosure

This content is for informational purposes and does not constitute personalised financial advice. Mortgage advice will be provided after assessing your individual circumstances.

Frequently Asked Questions

Find answers to some of the most common questions about mortgages, applications, and our services.

Yes. Many lenders are happy to consider contractors with just 6–12 months of contract history, particularly for day-rate or fixed-term roles.

Most lenders calculate income based on your day rate multiplied by 5 working days and around 46–48 weeks per year.

Not necessarily. Some lenders accept applications with as little as 3 months left on your current contract, especially if you have a history of renewals.

Not always. With access to specialist lenders, contractors can often secure the same competitive rates available to salaried employees.

Yes, though some lenders prefer at least 6–12 months of contracting history. A few will consider less if you’ve worked in the same field.

Yes. Limited company contractors are assessed using day rate or retained profit, while umbrella workers are usually treated as PAYE employees.

It's possible, but more challenging. You may need to show a history of regular work and future income prospects.

Yes. Most lenders require at least 4–6 weeks remaining, or evidence of an upcoming renewal or new contract.

Yes. Some lenders assess affordability using your gross contract value, which can boost your borrowing potential.

Yes. Several lenders offer contractor-specific underwriting, even if you don’t have standard accounts or long trading history.

Want to Talk it Through?

020 3011 1986 help@wismortgages.co.uk

We will be delighted to speak with you on the phone through our live chat feature now.

*Call us from Monday to Friday (9am to 6.30pm) and Saturday (9.30am - 3pm) We accept applications over the phone