Can Contractors Get a Mortgage in the UK?
Yes, contractors can get mortgages, with some lenders using your day rate rather than company accounts to calculate borrowing.
Contractor mortgages have become increasingly accessible. Many lenders now offer 'day rate' calculations that multiply your daily contract rate by a standard number of days (typically 46-48 weeks x 5 days). This often results in higher borrowing than using company accounts. You'll typically need a minimum 12-month contract history, though some lenders accept less.
Your home may be repossessed if you do not keep up repayments on your mortgage. Your Home Finance Ltd is authorised and regulated by the Financial Conduct Authority (FCA 989177).
Key Points
- 1Day rate mortgages can offer higher borrowing than accounts-based
- 2Typical calculation: Day rate x 5 days x 46-48 weeks
- 3Usually need 12 months of contracting history minimum
- 4Contract length matters (6+ months remaining preferred)
- 5Both limited company and umbrella contractors considered
- 6IT, engineering, and professional contractors well-served
Eligibility Criteria
- Minimum 12 months contracting history (some accept 6 months)
- Current contract with 3-6+ months remaining
- Day rate evidence (contract, invoices)
- Ideally no gaps between contracts over 6 weeks
- Minimum 10% deposit
- Clean credit history
Typical Timeframe
With day rate lending, applications can be straightforward. Having your current contract and 12 months of history documented allows quick processing. If you're new to contracting, building 12 months of history while saving for a deposit is the typical path.
Next Steps
- 1Gather your current contract and rate documentation
- 2List your contracting history for the past 12-24 months
- 3Ensure your CV shows relevant experience in your field
- 4Check there are no significant gaps between contracts
- 5Speak to a contractor-specialist mortgage broker
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Self-Employed MortgagesContent reviewed: 13 January 2026