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Working as a contractor can sometimes make the mortgage process less straightforward. Our team can provide guidance on how lenders assess contractor income and help you explore the best options available for your circumstances.
You may find that the process feels more complex than for someone in permanent employment. Lenders often use different methods to assess income, such as reviewing contract terms, day rates, or past accounts. At We Do Mortgages, we can talk you through how these assessments typically work and explain what information you may need to provide when applying.
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Contractors sometimes face additional challenges when applying for a mortgage because their income may not fit neatly into the standard criteria used for employed applicants. Some lenders will consider annualised day rates, others will base their assessment on recent accounts or contract history. The approach can vary, which is why understanding the differences is important before applying.
By looking at your circumstances, such as whether you operate through a limited company, an umbrella scheme, or as a sole trader, we can outline which lenders are more likely to consider your application. Preparing the right documentation, such as contracts, bank statements, or evidence of ongoing work, can also help support your case.
The first step is to understand how much you may be able to borrow based on your income pattern. For contractors, this usually involves looking at either current contracts, past accounts, or both. Some lenders will want to see a history of two years or more, while others may accept less if there is strong evidence of ongoing work.
Once you know how your income is likely to be assessed, you can start comparing mortgage products. This can include looking at different deposit requirements, interest rates, and criteria across the market. Gathering accurate and complete documentation at this stage is important, as lenders may request more detail from contractors than they would from permanent employees.
Speaking with a mortgage advisor can help clarify these requirements and give you a clearer picture of which options may be most suitable for your circumstances.
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