I’m a contract worker will that stop me getting a mortgage?

Being a contractor can offer great flexibility and independence, but it can also concern a mortgage lender about your ability to sustain your mortgage payments when buying or remortgaging a home.

As the number of freelancers and contractors in the UK climbs, many mortgage lenders are offering products to those clients in your position.

As a contract worker you may have concerns and questions about whether you would be eligible to obtain a mortgage because your income may be less stable or harder to verify than that of someone who is employed on a permanent basis. Some specific concerns and questions you may have include:

  • Will my income be considered stable enough to qualify for a mortgage?
  • Will I be required to provide additional documentation to prove my income?
  • Will my contract status make it more difficult for me to get approved for a mortgage?
  • Will I need to provide more information about my contract and future earnings?
  • Will my mortgage rate be higher because I am a contract worker?
  • Will I be able to use my assets as collateral for a mortgage?
  • Will I be eligible for any special mortgage programs designed for contract workers?

It is important for contract workers to speak with a mortgage broker who fully understands your contract situation and understands the lenders available.

Your adviser will help in assessing your income whether you are on a daily pay rate, weekly or on a fixed or short term contract.

Contact one of our mortgage experts who fully understand the way you may get paid and also how certain lenders will assess your case.

Many High Street lenders will lend to contractors once the case has been wrapped up correctly by your adviser.

Your property may be repossessed if you do not keep up repayments on your mortgage.