Can a contractor get a mortgage?

Wondering if you can get a mortgage as a contractor? The short answer is “yes”. Find out how much you can borrow below or call us on 01489 223 952.

How much could you borrow?





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First Time Buyer

First Time Buyer

Are you looking to buy your first home? As a first-time buyer getting on to the property ladder can be a big step, even bigger if you add the fact you are a contractor. However, our team of specialists are on hand to answer any questions no matter how big or small. We want you to get your keys as smooth and as hassle-free as possible.

Moving Home

Moving Home

Upsizing or relocating to a smaller property? As you have been through the process before you are probably aware of the problems that can crop up. You may not have finished your current mortgage deal and are unaware of the options available. Leave us to take care of the difficult bits and you will be moved into your new home feeling refreshed.

Changing Your Existing Mortgage

Changing Your Existing Mortgage

Looking for a lower rate? Whether it is a different deal with the same lender, or a different lender altogether, we have access to a comprehensive range of mortgage deals and can confidently find you the best one for your circumstances. Leave the stress of trying to find a deal down to us and let us do the hard work.

Buy to Let

Buy to Let

Decided on a buy to let property? Our team has years of experience helping contractors to become successful landlords. They can secure a competitive rate for the purchase of your rental property. Looking for help on buying a buy to let through your limited company, we also specialise in finding the right deal for this too.

Building Your own Home

Building Your own Home

Have you always wanted to build your own home? We can help contractors secure mortgage funding to allow them to build, or customise their own homes. Self-build contractor mortgages are available for all contracting professions.

Second Charge Mortgage

Second Charge Mortgage

Second Charge Mortgages or Secured Loans are quickly becoming part of mainstream lending. These types of loan use the borrower’s home as security, helping them to raise funds against their property for a wide range of purposes.

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Client Experience

The Mary Poppins of Contractor Mortgages; practically perfect in every way!

JF

Client Experience

Excellent advice and service

Andrew Jermey-Boys

Client Experience

Great service as usual!

M Njau

Prepare for your contractor mortgage

A contractor mortgage is likely to be the biggest financial commitment that you will ever enter into. The process can be long and daunting, but one thing it does not have to be is difficult.

When lenders assess a contractor mortgage, they will want to verify income by seeing two to three years’ worth of accounts or tax returns. Lenders have not kept up with changes in the labor market, and their criteria, in many circumstances, fail to accommodate the growing ranks of independent professionals.

Umbrella company contractors will find that many of their expenses will not be considered when calculating income. Limited company contractors will experience a similar problem, as any money retained in the company, for tax purposes, will also not be considered. Both ways of operating are likely to lead to less borrowing power.

Let us say you are able to overcome this first problem, you will then face another challenge. Generally, banks and building societies only lend to those who are considered low-risk, and contractors just do not tend to fall into this category. The reason is that lenders worry that these individuals will struggle to afford their monthly payments when their current contract comes to an end.

Speak to an expert

Prepare for your contractor mortgage

Want to talk to one of our mortgage experts?

We’re here to help contractors and other independent professionals get the mortgage they deserve. Call us on 01489 223 952. We’re open Monday to Friday 8am to 7pm. Alternatively, fill in your details below and one of our Specialist Advisers will call you back at a time that’s convenient for you.

Overcome the hurdles with our expert advice, see what CMME can do for you.

Overcoming the hurdles with your contractor mortgage

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and Friday, 9 am-5.30 pm.

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