Specialist Contractor Mortgage Services
At Steddly, we understand that contractors, freelancers, and professionals have unique mortgage needs that high street lenders often fail to accommodate. Our specialist mortgage advisers work with over 90 lenders including Halifax, Nationwide, NatWest, and specialist contractor mortgage providers to find the best mortgage solutions for your circumstances. Whether you work through a limited company, umbrella company, or as a self-employed professional, we can help you secure competitive contractor mortgage rates.
- Contractor Mortgages - Day rate based lending for limited company and umbrella contractors. We use your contract rate to calculate maximum borrowing, not your company accounts or salary drawings. Most lenders will multiply your day rate by 48 weeks to calculate your annual income for mortgage purposes.
- Umbrella Mortgages - Specialist mortgage solutions for umbrella company workers. Even though you receive PAYE payslips, we can often use your gross contract rate for affordability calculations, helping you borrow more than traditional employed assessments would allow.
- Locum Mortgages - Tailored mortgage solutions for healthcare locums, agency nurses, doctors, and medical professionals. We understand the variable income patterns of locum work and know which lenders offer the best terms for healthcare contractors.
- Complex Income Mortgages - Solutions for professionals with multiple income streams, bonus structures, overtime, commission, or non-standard earnings. We specialise in presenting complex income cases to lenders who understand and accept varied income sources.
- IT Professional Mortgages - Technology sector specialists including software developers, DevOps engineers, data scientists, and IT consultants. We work with lenders who understand contract rates in the technology industry.
- Young Professional Mortgages - First-time buyer support for career starters, graduates, and newly qualified professionals. Access to higher income multiples and professional mortgage products designed for those early in their careers.
How Contractor Mortgages Work
Traditional mortgage lenders assess affordability based on annual salary shown on payslips and P60s. This approach disadvantages contractors who typically take a small salary and dividends from their limited company, despite earning significantly more through their contract rate. Specialist contractor mortgage lenders use a different approach, calculating your income based on your day rate multiplied by working weeks per year.
For example, if your day rate is £500, a contractor-friendly lender might calculate your annual income as £500 x 5 days x 48 weeks = £120,000. With income multiples of 4.5x or higher available from some lenders, this could give you a maximum mortgage of £540,000 or more, compared to perhaps £100,000 based on your company salary alone.
Contractor Mortgage Calculator
Use our free contractor mortgage calculator to estimate how much you could borrow based on your day rate. Simply enter your daily or hourly rate, and we will show you indicative borrowing amounts from various lenders. Our calculator takes into account different lender criteria including working weeks, income multiples, and deposit requirements.
Why Choose Steddly For Your Contractor Mortgage?
We specialise in helping UK contractors secure mortgages based on their contract rate, not their company accounts. With access to exclusive contractor-friendly lenders and competitive mortgage rates, we make the mortgage process simple and straightforward. Our team of specialist contractor mortgage brokers has years of experience helping contractors, freelancers, and self-employed professionals buy their dream homes.
- Whole of market access to over 90 lenders including high street banks and specialist contractor mortgage providers
- Specialist contractor mortgage expertise with advisers who understand limited company structures, IR35, and umbrella arrangements
- Day rate calculations for maximum borrowing potential, helping you borrow based on your true earning capacity
- IR35 inside and outside expertise, with solutions available regardless of your IR35 status
- Fast, efficient application process designed to get your mortgage approved quickly
- FCA regulated mortgage advice from qualified mortgage advisers
- No upfront fees until your mortgage is approved
- Access to exclusive contractor mortgage rates not available on the high street
Lender Specific Contractor Mortgage Guides
Different lenders have different criteria for contractor mortgages. We maintain detailed guides on contractor mortgage lending criteria for all major UK lenders:
- Halifax Contractor Mortgages - Halifax offers competitive rates for IT contractors and professionals with at least 12 months contracting history
- Nationwide Contractor Mortgages - Nationwide Building Society accepts contractors with as little as 6 months in their current contract
- NatWest Contractor Mortgages - NatWest provides contractor mortgage products for both inside and outside IR35 contractors
- Santander Contractor Mortgages - Santander offers day rate calculations for contractors with 2 years history
- HSBC Contractor Mortgages - HSBC accepts umbrella contractors and limited company directors
Contact Steddly Today
Ready to discuss your contractor mortgage options? Contact our specialist team today for free, no-obligation advice. Whether you are a first-time buyer, moving home, or looking to remortgage your existing property, our contractor mortgage experts can help you find the best deal for your circumstances.
Call us on 0333 3587666 to speak with a specialist contractor mortgage adviser, or use our online mortgage calculator to get an instant estimate of your borrowing potential. We are available Monday to Friday 9am to 6pm, and Saturday 9am to 1pm.
You can also complete our online enquiry form and one of our mortgage advisers will call you back at a time that suits you. All initial consultations are free and there is no obligation to proceed.