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Mortgages for Contract Workers

Best Mortgage Rates

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Mortgages for Contract Workers

    • 4.07% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.07% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.08% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.08% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.09% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.11% Initial
    • 5 year fixed
    • 5.8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.12% Initial
    • 5 year fixed
    • 5.8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.13% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.14% Initial
    • 2 year fixed
    • 7.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages for Contract Workers

Find out what mortgages are available to contract workers

The process of getting a mortgage may be more difficult if you work on a contract rather than as a regular employee.

Mortgage lenders may view contract workers as unable to provide evidence of a guaranteed income. As contract work becomes more prevalent, many mortgage providers are beginning to ease their lending restrictions.

As a contract worker, you can get a mortgage

Contract workers who apply for a mortgage deal will consider a variety of factors, including the nature of their work. Contract work today encompasses a wide range of types, including:

  • Independent contractors with a long career history - mortgage providers may be more willing to lend to you if you can demonstrate at least one or two years of accounts and employment records.
  • New contract workers and people with a shorter career history - if you are new to contract work and don't have at least 12 months of work history to show, don't despair, some mortgage providers will lend to you.
  • Workers on a short-term contract, fixed-term contract or zero-hours contract – If you have a track record of at least one year's income on a contract of this type, certain lenders may be able to consider your application if your income is sustainable and the work is likely to continue.

 If you have been working for an umbrella company for at least a year or have had your contract renewed, you may be able to demonstrate to potential mortgage lenders that you have a stable employment history. Qualifying for a mortgage as a contract worker may be easier if you are a chartered or regulated professional in fields such as accountancy or engineering.

 

To investigate your finance options call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

Mortgage Advice for Contract Workers Contract Worker Advice
Mortgage Advice for Contract Workers Contract Workers Advice