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Contractors
Day rate, fixed term, CIS or umbrella — lenders calculate contractor income in very different ways. We find the one that recognises yours. Free initial consultation with a specialist adviser.
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Steven Hargreaves talks us through mortgages for contractors.
Contractor mortgages
Not as such. Some lenders treat contractors more favourably than others, but it all comes down to how each lender assesses your income. Fixed-term, construction industry, piecework and temporary contracts are all treated slightly differently.
Almost all will — but how much you can borrow varies hugely. In one case, one lender offered £110,000 and another would lend over £250,000 to the same client.
There are standard income multiples, but what matters is the income figure going in. Whether a lender offers 4.25 or 5.5 times income is irrelevant if they calculate your income differently at the start.
On one construction industry scheme case, one lender assessed the client’s income at £28,000 and another at £38,500. Clients often tell us their bank won’t lend — usually it’s not that they won’t lend, just not enough.
Bad credit affects everyone the same way — employed, self-employed, limited company or contractor. You may still be accepted, it can just be more difficult, as lenders favour clean credit.
It depends on your contract. On a fixed-term day rate, many lenders multiply the day rate by five (some use seven) for a weekly figure, then by 46 or 48 weeks for an annual salary.
On the Construction Industry Scheme (CIS), some lenders class you as self-employed and use your SA302s; others class you as employed and ask for payslips.
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Our advisers are experienced in a wide range of clients, needs and property types — so you can be confident of quality service and sound advice.
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Why Energise Mortgages?
01
Every lender differs, and we’ll guide you based on your type of contracting — tax records, payslips, company accounts or current contract details.
Track record matters most. Most lenders want at least two years’ industry experience and many a 12-month fixed-term contract. If you’ve just changed industry onto a fixed-term contract, a mortgage is unlikely.
02
Keep all your previous contracts to hand. One contractor we helped had only three months left on his contract, so we gave the lender details of every contract for the past four years. A strong track record with minimal gaps can outweigh a short current contract.
03
It makes no difference. The lender assesses each applicant individually — employed, self-employed or contractor — and a second applicant generally increases how much you can borrow.
04
Use an independent broker who covers the whole market. Because income calculations vary so much, one lender may offer far more than another — so don’t just go to your own bank.
Related guides
Your home may be repossessed if you do not keep up repayments on your mortgage.
Meet the adviser
There’s more to me than just mortgages. I also have a love for the countryside and a unique venture — my alpaca farm. Nestled in the countryside near York, my alpacas are not just my furry friends, but also a testament to my dedication to diverse interests.
Alpacas, much like mortgages, require careful attention, understanding and a keen eye for detail. Just as I meticulously evaluate mortgage options, I apply the same diligence to caring for my herd — a blend of financial acumen and agricultural expertise that sets me apart.
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Google reviews
“I had a fantastic experience with Steven as my mortgage broker. He was professional, knowledgeable and incredibly helpful throughout the whole process.”
Arnaldo KB
Google review · August 2026
“Steven gets it. He’s been round the block and knows all the things you hire a mortgage adviser for. It’s a no-brainer — save yourself time, money and effort.”
Matt Chappell
Google review · August 2026
“Working with Steven was easily the best decision we made during our home-buying journey. As first-time buyers, he made the process feel simple.”
Kirsty
Google review · August 2026
