A simple Guide to getting a Contractor Mortgage

Sorting out a mortgage is never easy – and even less so if you’ve recently switched from full time employment to Contracting and have other things to worry about! So, working with our recommended provider Contact Contractor Mortgages Made Easy (CMME), we have developed this simple guide which will help to make it as painless as possible.

For more information, please contact CMME directly on 01489 555080 or email sjd@contractormortgagesuk.com. They will search the entire market to find the best mortgage for you, at the best possible rate.

1. Make sure you have a copy of your signed contract to hand which is totally up to date. This needs to clearly state the length of your contract, and your current contract rate. You’ll also need some ID, such as your passport and your driving licence, plus bank statements – both business and personal - and any other info, like utility bills for example, that could be relevant to your mortgage application.

2. Assuming you choose CMME, they will help you to select a lender, as they have negotiated specialist mortgage underwriting terms for contractors with a number of large High Street lenders. This enables them to arrange a mortgage based on the contract you have, rather than on the number of years you have been working as a contractor. This will help to process your application quickly and without hassle.

3. The fact that CMME is managing your application means that the lender will treat you seriously and will understand that contractors are not a higher risk. This is much better and faster than trying to convince inexperienced bank staff, who only really understand the world of employment, that your income is valid.

4. Once you have chosen a lender, CMME will help you to secure an ‘agreement in principle’ from them, which will state exactly how much they are happy to lend you. It’s really useful to know this before you start house hunting so that you know what you can afford to look at, or how much discount you need to negotiate!

5. As soon as you have found a house, made an offer and it has been accepted, CMME will immediately set everything in action and at that point will also need to instruct a solicitor to act on your behalf. The solicitor will do all of the necessary ‘chasing’ of the lender and will make sure that the required surveys and searches are carried out on time, and then processed by your mortgage company. The solicitor will also draw up contracts and then liaise with the seller’s solicitor on your behalf, to agree dates for exchange of contracts and completion.

6. Once an exchange date has been agreed, your solicitor will call CMME, who will then chase your lender to ensure that the money is transferred in time for your completion date.

And after completion, all you have to do is move in. Good luck!

You may also find our other contractor mortgage guides and calculators helpful:

If you are looking to take that first step on the ladder, or to remortgage an existing property, then Contractor Mortgages Made Easy will help you find a solution to suit your needs. Whether you want to find out the best rates available or help calculating how much you can borrow based on your contract rate alone, call 01489 555080, email CMME on sjd@contractormortgagesuk.com or fill out the below form:

Contractor Mortgages Made Easy is a trading name of Mortgages Made Easy Limited. Authorised and regulated by the Financial Conduct Authority (FCA reg. 414798).Registered in England No. 4886692 Registered Office: 9 London Road, Southampton SO15 2AE.Your home may be repossessed if you do not keep up repayments on your mortgage.

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SJD Accountancy

SJD Accountancy are the UK's largest specialist provider of fixed fee, Limited company accountancy services to contractors; we've been acting for contractors across the UK since 1992 and have more than 15,000 clients.

We are the only national specialist firm of contractor accountants with offices nationwide. SJD Accountancy has more qualified staff than any other firm in our market with qualifications from the following major tax and accountancy bodies - ATT, AAT, CTA, ACCA, CA, ACA and FCCA.

  • Unlimited face to face meetings. This is a unique service only SJD Accountancy offers - unlimited face to face meetings across the UK - tax is complicated and sometimes only a meeting will do.
  • UK's Largest contractor accountants with more qualified staff. No call centres, no outsourcing, no automated call handling. Simply telephone, email or meet your own dedicated accountant face to face.
  • Money back service guarantee. All your Emails received by 4pm on any normal working day will be answered the same day. Should it be necessary to leave a telephone message it will be answered same day/following day latest or we will make a full refund of that months fee.
  • Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market, including: Best Accountant for Contractors, Accountant of the Year and Best Professional Service Team to name just a few.
  • All inclusive low cost fixed fee accountancy package which includes completion of accounts*, payroll bureau, dividends and corporation tax computations, personal taxation, free bookkeeping software, your own dedicated accountant* and all company returns for a fixed fee starting from £120 plus VAT per month. Check our packages for more detail.

If you have any questions about contracting or would like any further advice please call our new client services helpdesk on 01442 275789 or email: janice@sjdaccountancy.com. Our new client services helpdesk is open Monday to Friday (8am to 6pm).

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again.

Form your own Limited company with SJD - our same day online company formation service includes company bank account set up, VAT/PAYE registration and advice on optimum share structure. 

You may also find the following pages, guides and case studies useful:

*If you would like us to complete your company year end accounts we simply ask that you have been a client of SJD for one year or have made 12 monthly payments. All accountants are part or fully qualified.