Contractor Mortgages

Getting a mortgage as a contractor can be more complex than for someone in regular employment. Lenders often find it harder to assess income that isn’t shown on a standard payslip. That’s where we help.

At Greywood Financial, we specialise in contractor and self-employed mortgages. We know which lenders are flexible and how to present your income so you can be approved on fair terms. Whether you work on short contracts, earn a day rate, or are paid through the Construction Industry Scheme (CIS), we’ll help you find a lender that understands your situation.

Can Contractors get a Mortgage?

Yes — and in many cases, contractors can access high street rates and improved lending when speaking to as specialist broker. The key is working with lenders who understand contracting income and presenting your position in correct way.

We regularly help:

  • Fixed-term contractors on rolling or short-term agreements.

  • Day-rate contractors who are paid per day or project.

  • CIS workers who are paid under the Construction Industry Scheme.

Even if you’ve recently started contracting or don’t have two years of accounts, there are still lenders who can help.

Talk to an Expert.

Types of Contractor Mortgages

There isn’t just one type of contractor mortgage — lenders assess income differently depending on how you work. Whether you’re on a fixed-term contract, paid a day rate, or working under the CIS scheme, there are tailored contractor mortgage options designed to suit your situation.

Understanding how each type is viewed by lenders can help you choose the right approach and improve your chances of approval.

  • If you work on set-length contracts (for example, 6 or 12 months), we’ll highlight your employment history, renewals, and time remaining to show lenders that your income is consistent and reliable.

    Some fixed term contracts may then move on to a rolling contract. We can use present your position & experience in the best way to give them confidence in your earning potential.

  • Many specialist lenders calculate income based on your day rate, not company accounts.
    A common calculation is:

    Day Rate × 5 days × 46–48 weeks = Annual Income for mortgage purposes.

    This approach often allows contractors to borrow more than they could through traditional assessments.

    This isn’t set however and we can look to increase this when looking at your overall position.

  • If you work under the Construction Industry Scheme (CIS), we have lenders who will use your gross income before tax deductions to calculate affordability. This can make a big difference to what you can borrow.

    You’ll usually need:

    • Recent CIS payment statements or payslips.

    • Evidence of ongoing work.

    It may allow for more complex financing but also requires specialist advice to ensure compliance with lending criteria.

Navigating BTL mortgage applications requires a clear understanding of the specific criteria used by lenders. Although these can vary, there are several common requirements to prepare for.

Contractor Mortgage FAQs

Do I need two years of accounts?

Not always. Many lenders will assess your current contract, day rate or CIS income instead. We have great relationships with lenders and can help explain your situation not 

Can I get a mortgage if I’ve just started contracting?

Yes. Some lenders will consider new contractors with only one completed contract or a short trading history. It’s all about positioning you in the correct manner: a standalone contract may not be enough but supporting that by showing a proven track record, high level of experience and higher earning potential than being employed then the scenario is very different.

What if I’ve had gaps between contracts?

Short gaps are common and longer periods can tend to occur. This could be for a variety of reasons including maternity/paternity leave; illness; family events or just simply to take a break. We can provide a clear picture to a lender and often obtain a mortgage even with a break between contracts.

How much can I borrow as a contractor?

It depends on your contract rate and lender policy, but using an annualised figure calculated on your daily, weekly, or monthly rate tends to give the most attractive calculation. Every contract and structure is different, the first step is to understand your position. We can calculate your borrowing amount quickly after an initial consultation. Get in touch below to find out more.

How Greywood can help.

Our role is to make the process simple but to ensure you are getting the borrowing you require alongside securing the most competitive rate available to you. We do that by:

  1. Reviewing your contract and income.

    We ensure that we get a comprehensive understanding of your position and then convey that to the lender.

  2. Matching you with lenders who understand contracting.

    By having an in-depth understanding of which lenders would have appetite and the experience with those in similar positions we are able to secure competitive rates and attractive lending amounts.

  3. Packaging your application clearly to improve approval chances

    We know exactly what documents to provide in order to support the application ensuring the understanding the lenders have of your position is clearly evidenced.

  4. Guiding you through every step until completion.

    There may be iminent changes in your financial or personal position so we ensure the products outlined are aligned with that.

Even if you’ve been turned down elsewhere, we can often find a solution through our network of specialist contractor mortgage lenders.

Get in Touch