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Day Rate Contractor Mortgages
Obtaining a mortgage as a day rate contractor can seem challenging. It’s often assumed that lenders will look at your main source of income and choose not to lend as they prefer the safety of permanent contracts.
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However, getting a mortgage as a contractor is absolutely feasible, and we've got the expertise to make it happen. At The Mortgage Company, we work closely with banks, building societies and broker only lenders to help you secure day rate contractor mortgages whatever your circumstance. With years of experience specialising in mortgages for contractors, we understand the criteria lenders rely on and the questions they may have to build a picture around your experience in the industry you are working in, and your future plans as a contractor.
Mortgages for day-rate contractors and freelancers
We secure finance for day rate contractors from a wide variety of industries: whether you work in information technology, catering, as a sports professional, or in care, we're here to give you peace of mind.
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Whether you've recently moved away from full-time employment into freelance work, or you've always been a contractor, it's understandable you may feel concerned about whether you'll be offered a mortgage. However, it doesn't need to be a challenge. As an expert team of mortgage brokers based in Bristol, we're here to help you secure a mortgage. Get in contact with our friendly team today. ​
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Day Rate Contractor Mortgage FAQs
Can I get a contractor mortgage based on my day rate?
Yes, some mortgage lenders offer contractor mortgages based on day rate. This, however, would depend on how long you may have been in your industry or how much day rate contractor experience you have. At The Mortgage Company, we work with a wide range of these lenders and understand the key elements of day rate contractor criteria.
What is a day rate contractor mortgage?
A day rate contractor mortgage is a mortgage criteria specifically designed for contractors, taking into account their unique income structure. Some mortgage lenders can consider using your gross day rate and multiplying this by a set number of weeks in the year to determine how much you can borrow.
Are there contractor mortgages with no minimum day rate?
Yes, some lenders offer contractor mortgages with no minimum day rate. It's always best to speak with a mortgage broker to understand your options.
Do all lenders offer contractor mortgages based on day rate?
Not all lenders offer this, but many do. We work with over 100 lenders, many of whom can consider contractor mortgages based on day rate.
How can I find the best contractor mortgage based on my day rate?
Working with a mortgage broker like The Mortgage Company can help you find the most suitable contractor mortgage based on your day rate. Each lender has set criteria on what they may be able to consider, your past history as a day rate contractor and how long is remaining on your contract.
What is the Halifax contractor mortgage day rate?
Halifax are one of the lenders who may be able to consider a day rate contract for affordability. To find out how much you may be able to borrow based on your day rate contract, it may be best to work with a mortgage broker to understand your options.
What is the Nationwide contractor amount for borrowing mortgage day rate?
Nationwide also considers contractor mortgages, including day rate and umbrella companies. For specific borrowing amounts, it's best to contact them directly or consult a mortgage broker.
There may be a fee payable for mortgage advice. The precise amount will depend upon your circumstances, and will be discussed with you before proceeding.
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Your home may be repossessed if you do not keep up repayments on your mortgage.