Contractor Mortgages

(5 minutes to read)

Getting a mortgage as a contractor doesn’t have to be difficult!

For many contractors, securing a mortgage can be a real challenge. The nature of contract work means that your income can fluctuate resulting in what might be seen as an unreliable income. We understand these difficulties, that’s why we work with two specialist brokers who can help you secure the best mortgage.

Contractor Umbrella work with Wardour Investments who are independent advisors and can help make the process of securing a mortgage as simple as possible. Wardour Investments have a great deal of experience in working with contractors so are well versed in the potential barriers to finding a mortgage.

Why choose Wardour Investments?

  • Independent advisors
  • No ties to any mortgage provider
  • Over 35 years industry experience
  • Specialist in Contractor mortgages and financial services
  • Commercial mortgage specialist

You can call Nigel at Wardour Investments on 01753 279 656 or via email to find out more about securing the right mortgage for you.

We also work with Caulder Financial Services who specialise in mortgages and financial services for contractors. Their team of experienced consultants offer niche, tailored advice for clients and have been doing so for over 20 years. Caulder Financial Services aim is to help contractors achieve their financial goals and they are experts in their field.

Why choose Caulder Financial Services?

  • Industry expert for over 20 years
  • Specialist in Contractor mortgages and financial services
  • Access to lenders who use gross contract rates as your salary
  • No upfront fees
  • Independent Mortgage Advice

For more information on contractor mortgages and protection, please contact Alex at Caulder Financial Services on or call 01525 715 315 or 07952 409 006.

Our third mortgage partner is Contractor Friendly Mortgages who are specialist mortgage brokers set up to help contractors and self-employed professionals. CFM are familiar with the often unique circumstances contractors face when finiding a mortgage and adapt their advice to fit your specific requirements. They are dedicated in supporting the UK’s independent working community and their reviews say it all, their service and personal approach are something they take great pride in.

Why choose Contractor Friendly Mortgages?

  • Over 40 years combined industry experience
  • Free initial advice
  • Specialists for contractors and self-employed professionals
  • Day rate used to calculate income
  • Access to exclusive mortgage products

As an added benefit, as a client of Contractor Umbrella you will receive £100 off their standard broker fee. For more information on contractor mortgages, please contact them on: 01425 208555 or email

All of our mortgage partners work with many high street lenders so know the potential difficulties contractors face when exploring their mortgage options. Here are some frequently asked questions you might like to read so you understand what to expect.

Will I have to pay a higher interest rate as I am a contractor?

In most cases interest rates are the same even if you are a contractor. In certain situations, the rates you pay as a contractor can be even lower than a permanent employee would pay. This is dependent on your credit rating being strong and the fact that you may have a larger deposit to use. The nature of contract work often means that you are aware that it is best to have a reserve saved.

Will I be classed as high risk for a mortgage as a contractor?

No, risk is based on your credit rating and the amount you have available as a deposit. Our lenders understand that working on a contract basis doesn’t make you a risk. Potentially you would be able to take a mortgage based on four times of your contract rate. Whether you are a permanent employee or a contractor, certain factors could affect your application, typically these are CCJs, outstanding credit bills and defaulted payments.

Is there a minimum amount of time I need to have been working as a contractor?

Not anymore. Generally, now you can expect to secure a mortgage based on your current contract rate. When contacted directly, some inexperienced call handlers will tell you that you need to have been contracting for a long time in order to obtain a mortgage. This isn’t the case, but this approach is used to deter you as many lenders do not understand the nature of contracting.

Is a contractor mortgage more complicated to obtain?

Any financial dealings can be complicated, however with the right guidance the process is easy. That is why we work with two specialist IFA’s who can help you secure a mortgage using their relationships to with lenders and underwriters. To start the process, you will just need to provide your contract, ID and bank statements.

If you are looking to take your first step onto the property ladder, are planning your next move or even re mortgaging an existing property, contact Wardour Investments, Caulder Financial Services or Contractor Friendly Mortgages who can tell you more.

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