Mortgage Advice
Discover mortgage products specifically tailored for you.
Whether you’re looking to buy your first home, move house or create a new source of income with a rental property, we’ll help you find the mortgage to match.
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First Time Buyer
Traditional lenders don’t know how to work with those earning a day rate rather than an annual salary. Without a monthly payslip or years of accounts, it can be a struggle to get a mortgage, especially your first. We only work with providers that understand how you work.
Find out moreHome Mover
Let us help reduce the moving home headaches. As a business owner, professional or contractor, you don’t have the regular payslip that most mortgage providers look for. But that shouldn’t stop you from moving home if you want to. That’s why we calculate what you can afford based on your day rate and only select mortgage providers that understand the way you receive your income.
Find out moreRemortgages
Searching for a better mortgage deal outside of PAYE isn’t easy. Without a fixed salary or years of accounts, most lenders aren’t interested. But what if you want to find better rates to save money or unlock some cash from your property? You need the right advice and a lender that understands how you work.
Find out moreBuy to Let
There are many ways to make your money work harder for you, and investing in property is one of the best. But securing a Buy to Let mortgage can be tough for those without a monthly salary.
With those earning a day rate, not fitting the strict criteria of most lenders, accessing a mortgage of the right size is more difficult, meaning investment opportunities pass them by. We won’t let that happen to you.
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Get the facts
Whether you're looking for your first home, to remortgage, move house or invest in a Buy To Let property, download our guide to mortgages. There's plenty of guidance on the products available, plus lots of tips to make the process as seamless as possible.
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FAQs
Can I get a mortgage if I earn a day rate, rather than PAYE?
Yes. Of course, there are factors that impact a contractor’s eligibility, but just by being self-employed, you should not expect to be turned down by a lender as long as they understand contractors and contracting. However, factors that would prevent anyone from securing a mortgage, such as a poor credit history or a bad payment record will apply just as much. to contractors as to employees.
Can I get a mortgage if I have only just started contracting?
Yes! As long as we can see you’ve got a history in the same line of work and in the same industry in which you are now contracting, there are lenders who accept new contractors.
What is a freehold?
The freeholder of a property owns it outright, including the land it’s built on. If you buy a freehold, you’re responsible for maintaining your property and land, so you’ll need to budget for these costs. Most houses are freehold but some might be leasehold – usually through shared-ownership schemes.
Why should I use a specialist Contractor broker?
By all means, go to a high street lender to satisfy your curiosity, but in most cases, the lender will have issues with how income reaches the contractor. High street lenders understand dividends, but business owners, professionals and contractors who are tax efficient and only draw down a minimum salary and dividends to meet their needs won’t look good. Specialist brokers like us go to the same lenders you see in the high street but at the head office underwriter level. This means they are speaking to people with a bigger lending mandate and a knowledge of this sector contractors, and they use the contract to define a contractor’s income.
Do I need three years of company accounts before I apply?
Lots of contractors have the misconception that they cannot get a mortgage without three years of accounts. Whereas that might have been the case several decades ago, this is certainly no longer true.
What is a key facts illustration?
A key facts illustration, or ‘KFI’, is a document given by a lender that details all of the important information relating to your mortgage and loan. It is specific and tailored to you and should be checked over before your full mortgage application is made by your adviser.
Do I qualify to be assessed for a mortgage on contract value?
Lenders who specialise in mortgages for those earning a day rate typically assess the amount that can be borrowed on the annualised contract value. Each client is evaluated on the basis of their personal circumstances, generally, they can borrow a multiple of their annualised contract value.
However, they need to be in a contract at the time of the application and must be able to demonstrate continuity. A contractor applying with their first contract can get a mortgage as long as they have had continuity of employment before approaching the broker.