Contractor Mortgages

Who could benefit from a contractor mortgage?

Contractors, freelancers, and self-employed professionals are the primary candidates. These individuals may include IT consultants, graphic designers, engineers, project managers, and tradespeople who work on short-term or project-based contracts.

While their income can be substantial, it is often irregular and can pose a challenge when trying to secure a conventional mortgage.

Contractor mortgages provide a viable solution for this demographic, enabling them to access the property market and fulfil their homeownership aspirations, even in the absence of a traditional employment structure.

Contractor mortgage applicants need to have a solid financial track record, demonstrate consistent contract work, and work with lenders who specialise in this type of mortgage to increase their chances of approval and favourable terms. Individuals with medical contracts – such as NHS or locum workers – often believe they are not eligible to get the lending. However, if the application is presented to the lenders correctly, it can be achievable.