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Specialist Contractor Mortgage Broker Service

Getting a contractor mortgage can be challenging if you’re looking to high street lenders. But we can help you get a mortgage as a contractor thanks to our connection with specialist mortgage lenders.

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

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Finding The Best Contractor Mortgages For Your Circumstances

Finding a competitive mortgage deal for contractor mortgages can be difficult, as you’ll need to prove to mortgage lenders that you can afford the mortgage repayments using your contracts, rather than your accounts. Contractors can find this very difficult, and traditional high street lenders may be more cautious to offer these type of mortgages. But just because you don’t quite meet traditional lending criteria doesn’t mean you can’t work with a specialist mortgage broker like When The Bank Says No to find a mortgage lender that is happy to use contracts as lending criteria rather than accounts. We can help you secure the contractor mortgage you’re looking for.

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What are Contractor Mortgages?

Contractor mortgages are given to contractors who only have their contract rate, rather than their accounts, to prove their ability to borrow and make the mortgage payments reliably each month. As a contractor you’ll be operating as a limited company or be being paid by an umbrella company, rather than as a traditionally employed individual, and it can be difficult for lenders to interpret your income to accurately determine your ability to repay.

To increase your chance of a successful mortgage application, you’ll have to search for contractor friendly lenders. By using a mortgage broker like When The Bank Says No, we can put you in contact with contractor friendly mortgage lenders who understand your affordability and annualised contract rate and contract income to determine the most competitive mortgage deal for you.

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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

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In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.

What could lead to lenders turning me away as a Contractor?

Even if you approach a contractor mortgage specialist, they may not be willing to lend to you if your circumstances concern them or make you a higher lending risk. These could include things like being new to contracting, having an irregular income that’s more difficult to find an average of, your current contract is likely to change or run out in the next 3 months, or your previous accounts are worse than your current earnings.

In these cases, it doesn’t have to result in the end of your mortgage journey. Whilst it would be a good idea to wait and build up the evidence you have to prove that you have a reliable income and can afford the mortgage you’re applying for, you could still convince some lenders that you can afford repayments. We can help put your case to them, and whilst you might face slightly higher interest rate charges as a result of your circumstances, we can still find you a mortgage you can afford.


What criteria is used for Contractor Mortgages?

Generally it’s more difficult for lenders to determine exactly what you can afford as a contractor because nothing is guaranteed. An individual with the same salary each month is much easier for lenders to deal with, as they only need to see your annual salary and proof from your bank statements that you receive a reliable income each month. From there, working out your affordability is easy.

As limited company contractors, though, you might not have the same income each month depending on the length of your contracts. This varying income can be a huge concern for traditional lenders who use lending criteria that relies on guaranteed, stable and consistent income. However, you can find certain contractor mortgage specialist lenders that use different contractor mortgage criteria to help determine your affordability. Here they’ll use contract based underwriting and look at things like:

  • Current contract rate annualised based on average income: For example, if you, on average, earn £250 a day, 5 days a week, for 46 weeks of the year, they’ll estimate your annual average income as £57,500 per annum – this, multiplied by 4.5 (the industry standard for working out affordability for borrowing for mortgages in the UK), will mean you could afford to borrow £258,750 for your mortgage.
  • Continuity in the work you do: Whilst it’s no longer necessary to show 3 to 5 years of accounts as a contractor, you will need to show that you have some form of consistent income in order for lenders to work out your affordability realistically. The longer you’ve been a contractor, the easier this becomes.
  • Nature of your work: Certain types of work as a contractor are slightly more stable, and if you can prove this, even if you haven’t been working independently very long, then you may still be able to prove that you’re a low borrowing risk to lenders even with less experience under your belt.

These factors, and many more, will be considered to determine your affordability for a contractor mortgage.

Are Contractor Mortgages more expensive than traditional residential mortgages?

There are some lenders out there that still don’t quite understand that lending to the right contractor is just as low risk as lending to the right PAYE employee, and so they may still add a higher interest rate to your deal than they would if you earned the exact same amount as a traditional employee. We believe this to be unfair, and there are better mortgage deals out there for contractors that don’t penalise you.

We always do our best to help you find a competitive mortgage deal that is at least equivalent to those on offer to traditional PAYE employees with the same annual income as you. The contractor friendly lenders we can put you in touch with are much more understanding of your circumstances and are able to see that a limited company contractor can be just as reliable as regular employees.

Turning Your Nightmares Into Dreams

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When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

Contractor Mortgages Made Simple

A contractor mortgage can look like a complicated thing – and that’s largely because of the mortgage market as a whole taking so long to understand contractor’s roles and finances. By failing to understand that contractor’s can be just as reliable and low risk as PAYE employees, for years mortgage lenders wrongly penalised contractors, but times are changing. As more people than ever look to work independently, more people are seeking a contractor mortgage, and better deals are now on offer as a result. Work with us, and we can help you secure the best contractor mortgage deal for you.

Genuine Contractor Mortgage Support

We’re a team of professional mortgage brokers at When The Bank Says No, with plenty of experience helping limited company contractors access mortgages that may previously have felt out of their reach. Whilst being a contractor may be seen by some lenders as a ‘non-standard’ mortgage application, we have connections to lenders that believe the opposite. They see contractor mortgages as an essential part of the mortgage market and are only too happy to lend to contractors, provided they meet their eligibility criteria. We can help put together a mortgage application that shows how low risk you are, allowing you to access better deals and convince more lenders to consider your application. We’re on hand to help, so why not get started with us today?

Frequently Asked Questions

Can I get a mortgage if I work as a contractor?

Hopefully we’ve already assured you that you absolutely can secure a mortgage as a contractor, so long as you apply to the right places. High street lenders are generally more cautious of lending to a contractor because your circumstances often don’t meet their traditional lending criteria.

However, if you work with a mortgage broker like When The Bank Says No, we can help you find lenders who are happy to offer professional contractor mortgages to contractors just like you.

How much you can borrow depends on how much income you can prove you earn annually. A great way of getting an idea about the amount you could realistically afford is by looking at a contractor mortgage calculator in the UK, which can give you an accurate estimate quickly about the sort of mortgage you could afford.

If you’d like to work out a rough estimate yourself, then generally the following equation will help you:

  • (daily contractor rate * number of days worked each week) * 46 weeks worked = estimated annual income
  • estimated annual income * 4.5 = the mortgage amount you could comfortably apply for

To give you an example, if you earned £500 a day via your contract(s) and worked 5 days a week then the following would be true:

  • (£500 * 5 days worked each week) * 46 weeks = £115,000 estimated annual income
  • £115,000 * 4.5 = £517,500 mortgage amount you can afford

Use your own numbers in the equation above or a mortgage calculator to give yourself an accurate idea about the mortgage amount that’s right for you.

Not if you know where to look. Securing a contractor mortgage from traditional lenders can certainly prove to be more difficult (although this is becoming less of an issue as more and more people look to independent contractor work and lenders start to understand their position a little better), there are plenty of lenders out there right now with modified lending criteria for contractors that are willing to lend today.

Work with When The Bank Says No to increase your chances of mortgage success.

Whilst your length of time as a contractor certainly factors into your ability to secure a mortgage, there isn’t a golden rule for how long you should have been working as independent contractors before you’re eligible for a contractor mortgage.

We’d recommend having at least 1 year experience under your belt in order to accurately show your ability to keep your income fairly consistent. However, if you have less than a year’s experience but can prove that you have contracts in place for a long period of time and the right sort of income, then you could still be considered.

We can put you in contact with lenders who want to get to know your circumstances far more than they care about the answers you can give to tick-box mortgage forms. There are plenty of mortgage lenders who are willing to listen to your reasons as to why you think you’re able to keep up with mortgage payments, even if your evidence to prove it isn’t complete or typical.

Whilst there’s no guarantee of a successful application in this case, you might just be able to prove to lenders that your unique circumstances still mean you can afford the mortgage you’re applying for.

A contractor mortgage is a broad mortgage type categorised as mortgages for contractors, but there are many different mortgage types you could apply for as a contractor, and we can help you find the perfect mortgage lender for any of them.

Some examples of mortgage types that lenders offer for contractors are:

As a contractor you’re entitled to the same mortgage types as everybody else, you’ll just more likely take out your mortgage loan with a specialist lender rather than a traditional high street one.

We’ve worked with a range of contractors in a range of industries, and contractor mortgage lenders won’t deny a mortgage application based on the type of contractor you are or the industry you operate in – unless that particular industry is facing difficulties and it seems likely that you’ll lose contracts in that area in the near future.

Some examples of contractors we’ve been able to help in the past include:

  • Consultancy Roles
  • Engineers
  • IT Programmers
  • Management Roles
  • Architects
  • Surveyors
  • Doctors
  • Teachers
  • Oil And Gas Workers
  • Lorry Drivers
  • And More…

The list above is for reference only, we help other contractors that don’t appear on this list, so if you’re a contractor looking for a mortgage, we can help.

There are a few steps you can take to improve your chances of a successful mortgage application as a contractor. We’ll run through some best practices below to give you a better idea of what lenders look for from successful contractor mortgage applicants.

First, make sure you have your latest contract(s) to show your mortgage lender, as this will give them the most accurate picture of your finances today, helping them more accurately work out your eligibility for the mortgage you’ve applied for.

The second best thing you can do for your application is err on the side of caution when it comes to estimating your annualised contract rate. The going might be good for you now, but if your contracts vary month to month, then it’s best to estimate your annual income slightly lower in order to protect you should you lose your current contract and have to move to something else. You need to be realistic about the mortgage repayments for the full term you agree to.

Finally, another great thing for any mortgage deal, contractor or not, is to get together as large a deposit as you can. 10% of the property value is the minimum you should aim for, but the larger your deposit the lower your risk will appear to lenders, meaning there will be more mortgages on offer from more lenders, and you’ll be able to find the most competitive one, allowing you to get even better deals. Get together a larger deposit, and you’ll certainly benefit.

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