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Can I Get a Contractor Mortgage Out of Contract?

Hi there.
I don't think you'll be able to help (sorry for being negative, and I hope you prove me wrong!). We are selling our house and have found another to buy. The problem is that I cannot currently obtain a mortgage offer because I'm out of contract (I'm a contractor with a LTD co.) It looks like everyone needs me to have a contract stating that I work or will be working soon, plus a day rate and length of contract term. Is there a way to get a mortgage or something else without this? Cheers, Simon.


Ask the Specialist response:

Thanks Simon for the enquiry.

We do typically help contractors obtain mortgages from all industries.

We also work with a number of lenders who can consider contractors and understand the "ins and outs" as to how they work.

Some of the lenders we work with do have some flexibility to assess income in a number of ways - either as:

1) Using your contractor day rate and multiply this by 46 or 48 weeks typically to get an annual income; 

2) Using the net profit before tax plus salary for your limited company you contract via 

3) Using the net profit after tax plus salary for your limited company you contract via 

4) Using dividends and salary you receive from your limited company you contract via 

From your query - the first option would not be open to you - however 2, 3 and 4 may mean you could get a mortgage subject to all checks.

If none of the above work then we could potentially look for a family member to come onto the mortgage with you as a joint applicant sole propietor and use their income toward affordability with them not required to appear on the property title deeds (ownership).

I would certainly give the office a call on 020 77 100 400 and speak to one of our advisers. They will be able to let you know if we can help within 10 to 15 minutes.

Good luck.

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