Mortgage Advice
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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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Expert Mortgage Advice for Contractors, Freelancers & Business Owners
Getting a mortgage shouldn’t be harder just because you don’t fit into a standard 9-to-5 job. At Broadbench, we specialise in helping contractors (both inside and outside of IR35), freelancers, limited company directors, and self-employed professionals access the right mortgage for their circumstances, whether you’re buying your first home, moving, remortgaging, or investing in property.
You may find our A-Z of Mortgage Terms useful.
We understand that your income might come from dividends, day rates, or project-based contracts: not payslips or predictable monthly salaries. That’s why we work exclusively with mortgage lenders who recognise the unique earning structures of independent professionals. With years of experience in contractor mortgages and access to a wide range of specialist lenders, we can help you secure the property finance you need, without jumping through unnecessary hoops.
We regularly help clients with:
- Mortgages for limited company directors
- Self-employed and freelancer mortgage advice
- Day rate contractor mortgage deals
- Buy to Let mortgages for business owners
- Remortgages for high earners without PAYE income
Where most banks see complexity, we see opportunity.
Contractor Mortgages and IR35
For contractors, securing a mortgage is one of the most common financial challenges, and IR35 status sits at the heart of it. Most high-street lenders use payslip and P60-based affordability assessments that are entirely unsuitable for contractors. Specialist lenders, however, can assess affordability based on your day rate or annualised contract value, regardless of your IR35 position.
Specialist lenders who assess income by day rate can unlock significantly higher borrowing, based on what you actually earn, not what your payslips show.
Rather than relying on payslips or tax returns, specialist lenders assess contractor income using one of the following methods:
- Day rate assessment: Your day rate is multiplied by the number of working days in a year (typically 46 or 48 weeks) to produce an annualised income figure. This method often results in a significantly higher borrowing capacity than a standard affordability assessment.
- Contract value assessment: Some lenders use the total value of your current contract, annualised, as the basis for affordability. This can be particularly useful for contractors on fixed-term or project-based engagements.
- SA302 / tax return assessment: For contractors with a longer trading history, some lenders will use two or three years of tax returns. This approach tends to understate income for contractors who retain profits in their company, so it is not always the most favourable route.
Broadbench works with lenders across all three assessment methods, identifying the most appropriate approach for your specific income structure.
If you operate outside IR35 through a limited company, high-street lenders will typically ask for two to three years of company accounts and SA302s. Because many limited company contractors retain profits within the company rather than drawing them as salary or dividends, this approach can significantly understate your true earning capacity.
Specialist lenders who use day rate assessments bypass this problem entirely, assessing your income based on what you actually earn from your contracts rather than what you draw from your company.
If you are inside IR35 and paid through an umbrella company or your client’s payroll, your income is treated as employment income for tax purposes. This can actually make mortgage applications more straightforward with some lenders, as you will have payslips showing your employment income.
However, because inside IR35 take-home pay is lower than the equivalent outside IR35 income, it is important to work with a lender who understands that your gross contract value, not your net take-home, is the most accurate reflection of your earning capacity.
Lenders often view gaps in employment history as a risk factor. For contractors, short gaps between engagements are entirely normal and should not be treated as a negative indicator. Specialist lenders who understand the contractor market will take a pragmatic view of contract gaps, particularly where you have a strong track record of continuous contracting.
Our Mortgage Products
First-Time Buyer
Buying your first home is exciting, but for contractors, freelancers, or limited company directors, the process can feel needlessly complex. Traditional lenders often rely on payslips and fixed salaries, which means your income structure may not fit their criteria. That’s where we come in.
Home Mover
Moving house shouldn’t be harder just because you run your own business. If you're a contractor, small business owner, or freelancer looking to move, you’ve likely encountered lenders who don't understand your income model or ask for years of accounts that you may not have.
Remortgages
Whether your fixed deal is ending, you're looking to unlock equity, or you just want a better rate, remortgaging can be a smart financial move. But if you’re self-employed, a freelancer, or a contractor with irregular income, finding the right lender can feel like a maze.
Further Advance
If you’re looking to access additional money; for example, to make home improvements or consolidate existing debt, but don’t want to change your lender, a Mortgage Further Advance could be an alternative option to a full remortgage.
Buy to Let
Investing in property is a powerful way to grow your wealth, but getting a buy-to-let mortgage as a contractor or self-employed investor can be tricky. Many high street lenders require traditional employment history or restrictive affordability criteria.
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Let’s Get You Mortgage-Ready
Whether you’re looking to step onto the property ladder, upgrade your family home, refinance for a better deal, or expand your property portfolio, our advisers are here to help. At Broadbench, we don’t just match you with a mortgage; we partner with you to make your property goals possible.
We’ll translate your income structure into terms lenders understand, helping you avoid rejections, wasted time, and stress. And because we’re completely independent, we can search the whole market to find the best possible mortgage deal for your situation, not just a one-size-fits-all solution.
Why Broadbench?
- Experts in mortgages for freelancers, contractors, and self-employed professionals
- Specialist advice on mortgages for business owners and directors
- Access to niche lenders that understand complex income
- Five-star rated service with real-world expertise
Get started today, let’s turn your income into the keys to your next home.
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FAQs
What is an independent professional mortgage?
It’s a standard mortgage but assessed differently. Lenders consider your annualised contract rate instead of traditional income methods, helping independent professionals borrow based on true earnings. A specialist broker can help you access competitive rates.
Can I get a mortgage as a contractor?
Yes. While most high-street lenders struggle to assess contractor income accurately, specialist lenders can assess affordability based on your day rate or contract value. Broadbench works with lenders who understand contractor income structures, helping you borrow in line with your actual earning capacity rather than being limited by payslip-based assessments.
Does IR35 affect my mortgage application?
Yes. Your IR35 status affects how lenders assess your income. Outside IR35, specialist lenders can use your day rate to calculate affordability. Inside IR35, your employment income from your umbrella company or client payroll is used. In both cases, Broadbench will identify the lender and assessment method that gives you the most favourable outcome.
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.
