Mortgages for Contractors & Freelancers

If you’re a Freelancer or a Contractor you may face a more difficult task when remortgaging or buying a home simply because you have fluctuating income or multiple revenue streams. Even if you earn far more now than you did when you were employed, it’s more challenging to provide evidence of a stable income, meaning many lenders view you as a high risk borrower. That said, just because certain high street lenders are not well versed in dealing with Freelancers because they don’t fit their mould, there are plenty of mainstream and specialist lenders willing to consider your application, potentially offering a multiple of between four and five times your yearly income.

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

There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is upto 1% but a typical fee is £595.

How much can you borrow?

Whether you’re new to freelancing or have recently switched from being employed to self employed, the amount you can borrow depends entirely on your income, expenses and how secure your income is, usually by taking an average of what you’ve earned in recent years.

For Contractors, lenders may look at the contract value, or if you are on a day rate, they will work out your annual salary based on working five days a week (for 46 to 48 weeks per year). If you apply for a mortgage and the lender rejects you, it may make things even more difficult when you approach the next lender, so it’s important to seek professional mortgage advice as early as possible. Whether you’re remortgaging, downsizing, upsizing, or looking to land your first home, we will maximise your chances, proving to lenders you have a stable income and meet affordability criteria.

Mortgages for Contractors: We’ll find the best deal for your circumstances

With the gig economy booming, many lenders now offer mortgages to Contractors. Like you, we’re proud of our independence. We search thousands of mortgage products to discover exclusive deals that fit your needs. Whether you’re a Freelancer or a Contractor, the mortgage journey can be more complex than it is for the average nine to five permanent employee, but even the big banks are becoming a little more flexible. That’s why we look at every lender potential borrower with a fresh pair of eyes, navigating you through every stage of finding and applying for a mortgage. Why not request your free consultation today and see how we can help you?

Create Finance Limited is an appointed representative of Mortgage Advice Bureau (Derby) Limited which is authorised and regulated by the Financial Conduct Authority.

Create Finance Limited. Registered Office: 35 Friar Gate Studios, Ford Street, Derby, Derbyshire, England, DE1 1EE. Registered in England Number: 09582938.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is £595.

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

We may receive commission that will vary depending on the lender, product or permissible factors, The nature of any commission model will be confirmed to you before you proceed. Create Finance Ltd are a credit broker, not a lender.