Our contractor mortgages can be tailored to your unique circumstances. We can work with a large range of contractor types from the self employed freelancers to employees on fixed-term contracts.
If you are a contractor looking for a mortgage, our specialist contractor mortgage advisers are here to help find a lender that understands your circumstances and pair you with a mortgage tailored to your needs. We work with contractor friendly mortgage lenders to help find you the most flexible and suitable approach to your circumstances.
In the eyes of mortgage lenders, a contractor is an individual who works on a contract-by-contract basis, often through a limited company or as a sole trader. Under the contractor umbrella can include freelancers, self-employed individuals, and those working in the gig economy.
Contractors are often seen as higher-risk borrowers due to the unpredictable nature of their income and the potential for fluctuations in their earnings. Understanding this perspective is crucial for contractors seeking a mortgage, as it influences the lending criteria and the types of mortgage products available to them.
A contractor mortgage is a type of mortgage designed to help those without permanent employment purchase a home or mortgage their existing property. The contractor mortgage process involves unique steps, making it essential to work with a knowledgeable broker who understands these specific conditions.
Since its introduction as a sought-after mortgage type, the contractor mortgage range offers a broad variety of mortgage options, such as interest-only and offset mortgages, tailored to accommodate the unique financial situations of contractors. Whilst contractor mortgages can be difficult to navigate, they are designed with your unique circumstances in mind.
Getting a mortgage as a contractor can involve challenges such as demonstrating a consistent income, maintaining a good credit score, and providing additional documentation to lenders. Mortgages for contractors take into consideration your gross contract rate rather than individual payslips or accounts, helping contractors with irregular income buy their dream homes.
Contractor mortgages are specialised mortgage products designed for independent professionals, such as freelancers, contractors, and consultants, who do not have a traditional employment contract. These mortgages take into account the unique financial situation of contractors, who often have variable income and may not have a fixed salary. Contractor mortgages are designed to provide a more flexible and accessible way for contractors to secure a mortgage, despite their non-traditional employment status.
The amount you can borrow with a contractor mortgage will depend on several factors including your income and monthly outgoings.
It is crucial to seek expert mortgage advice from specialists who understand the unique challenges faced by contractors and freelancers.
A specialist mortgage broker will discuss the options available to you depending on which lending criteria you meet, including securing a mortgage based on your unique income situation, as this will determine which mortgages might suit your circumstances.
Contractor mortgages differ from traditional mortgages in several keyways. Firstly, contractor mortgages often have more flexible lending criteria, which consider the contractor’s variable income and may not require a fixed salary.
In addition to its flexibility, contractor mortgages may have different documentation requirements, such as contracts, to verify your income. Contractor mortgages may also have different interest rates and repayment terms, which are tailored to the contractor’s unique financial situation.
Take the first step in your complex mortgage journey with Bower Private Clients.
Take a look at what our clients are saying about Bower Private Clients
Andrew Card at Bower Home Finance was recommended to us by Jake Sumner a mortgage advisor that our son David had used. This is the first time that my Wife and I explored equity release and had heard some negative views about it from different sources and we have to admit we approached the process with some naivety and caution. From the very start Andrew was extremely helpful and informative no matter how many questions we put to him. We sometimes went back to Andrew with the same questions and at all times Andrew showed great patience and took time to explain our queries clearly with no 'jargon' or confusing detail. Andrew made the whole process comfortable and understandable from start to finish and also recommended a very good solicitor for the necessary legal advice required. We would have no hesitation in recommending Andrew Card and Bower Home Finance.
Mr & Mrs Nash
South Shropshire
The service received from Bower was excellent and my advisor, Vanessa Carver, was very knowledgeable on the whole process. The meeting I had with her was very thourgh and I was very impressed with the way we discussed my situation and aspirations. I would recommend Bower to my friends and colleagues if they ever decided to consider equity release, Kind regards and thank you again for the service provided RJ Martin
Trusted Customer
First class service from start to finish. Vanessa couldn’t have been more helpful, her communication and the information she provided was excellent. She kept us updated throughout the process and got us the best product for our needs, even finding out through her research that I am now entitled to Council Tax support, hence saving me money throughout the year too! Vanessa is a credit to your company and I would have no hesitation in recommending her to anyone looking to explore equity release in the future.
Mr Beard
Desborough
Following my initial online contact I received a phone call which enabled me to start the process with confidence. I did not feel 'pushed' or 'managed' in any way. I was able to have face to face meetings at home so that I could clarify issues that I was unsure about, and from the beginning Steve was excellent at informing of updates via phone and email. He also helped by researching local surveyors for me so that I could quickly and easily make my selection. Throughout the process he was cheerful, positive and a lovely person to work with!
Trusted Customer
We did our research and decided on Bower because it stood out; I believe it was the smallest company we looked at and hoped for a more personal service, than some of the ‘big boys’, which Bower certainly lived up to. Our enquiry quickly led to an appointment with Andrew Card, who was so knowledgeable and explained everything, in language that we understood. He then did his research and came back with our options. Although we had a couple of hiccups, Andrew stepped in and sorted them out without any fuss. We have now completed our equity release and would like to thank Andrew and Nicky for all their support. We would certainly have no hesitation in recommending Bower, and of course Andrew Card, to anyone.
Trusted Customer
At Bower Private Clients, we are here to help you find the best mortgage for your circumstances. Our specialist mortgage advisers are experienced in navigating non-traditional income streams and tailoring mortgages to each of our clients, so they can move forward with peace of mind.
Whether you are looking to purchase your first home or remortgage an existing property, our specialist advisers can help guide you through the complexities of securing a mortgage loan as a contractor, whilst helping you secure the best deal for your circumstances.
From helping you to get on the property ladder to remortgaging your home with a mortgage for contractors, our specialist mortgage advisers are on hand to help you fulfil your property dreams.
Read more about usYes, if you meet the specified lending criteria you will be able to get a mortgage as a contractor. Many contractors find specialist contractor mortgages are more suited to their circumstances as some lenders will see their contractor status as higher risk. This is why our mortgage advisers work with specialist lenders to help you find the best deal.
Lending criteria for contractors can vary between lenders, but typically include the following:
Lenders may also consider the contractor’s industry, experience, and qualifications when assessing their application. Meeting these criteria can enhance a contractor’s chances of securing a mortgage.
Contractor mortgages offer several benefits tailored to the unique financial situations of freelancers and self-employed individuals:
By leveraging these benefits, freelancers and self-employed individuals can find mortgage solutions that align with their financial goals and circumstances.
FTo prove income as a contractor, lenders typically require the following documents:
Specialist mortgage brokers can assist contractors in gathering these documents and preparing a strong mortgage application, ensuring all necessary information is accurately presented.
With access to over 500 lenders, Bower will help you release equity and create liquidity to acquire property, whenever you want to buy
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Some buy to let mortgages are not regulated by the Financial Conduct Authority.
Bower Private Clients provides impartial whole of market advice with an award winning customer service experience. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but a typical fee of £695 will be payable on the application of the mortgage.
Speak to one of our dedicated customer specialists or arrange your free, initial no-obligation quote by calling us on freephone 0203 817 6040.
Bower Private Clients is a trading style of Bower Retirement Limited and is Authorised and Regulated by the Financial Conduct Authority. Financial Services Register Number: 451607.
Registered in England and Wales No: 5788110. Registered office: Bower Private Clients, Ongar Business Centre, The Gables, Fyfield Road, Ongar, CM5 0GA.
0808 281 2658
