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Getting a mortgage as a contractor

Published on: 21st September 2015

If you are an employee of Exchequer Solutions then you will have a contract of employment and should be in a strong a position to make an application for a mortgage.

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Depending on how much you usually earn and how much you are asking to borrow you will probably be asked to provide recent payslips by your prospective mortgage advisor.  Don’t worry if you receive these electronically you can simply print them and produce them just as you would an old fashioned payslip.

If you are a contractor and have registered as a limited company then contrary to popular belief this shouldn’t make getting a mortgage a nightmare.  However it is important to be realistic and it may take more than a quick visit to you high street bank to sort everything out.

Part of the problem is that advisors in high street banks and building societies are working to very specific lending criteria.  It is also probably fair to say that in some cases they don’t necessarily understand how contracting works and might therefore perceive you as a higher risk.  If you are struggling but feel you have a steady, reliable income then it is worth speaking to a specialist.  There are many specialist mortgage providers out there and they don’t all charge contractors higher rates.  A specialist, independent mortgage brokers might also be able to help.

We’d advise you to make sure you have a reasonable deposit before applying for a mortgage.  The days of 100% and even 90% mortgages are behind us so whatever your employment status you are going to need some savings before securing a mortgage to buy your own place.

You could also face difficulties if you have a poor credit rating so it is probably worth checking this out if you have any concerns.

If you are registered with us and need paperwork from us to support your application, such as historical payslips then speak to your Account Manager.