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, freelancing or self-employment. So, working with our recommended Mortgage Broker, 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@cmme.co.uk. They will find the best mortgage deal available to you, based on your needs and circumstances.

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 information, 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 suited to your individual circumstances, 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 independent professionals are not a higher risk. As opposed to trying to convince inexperienced bank employees, who only really understand the world of employment, that your income is valid for mortgage funding.

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 the lender is 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 CMME will help you find a solution to suit your needs. Whether you want to find out the best rates available or need help calculating how much you could borrow, call 01489 555080, email CMME on sjd@cmme.co.uk or fill out the below form:

SJD are not authorised to offer regulated mortgage advice. SJD are introducers to CMME. Your home may be repossessed if you do not keep up repayments on your mortgage.
CMME is a trading name of CMME Mortgages and Protection Limited. Authorised and regulated by the Financial Conduct Authority (FCA reg. 414798). Registered in England No. 04886692. Registered Office: Albany House, 5 Omega Park, Alton, Hampshire, GU34 2QE. Please be aware that Commercial Mortgages, Overseas Mortgages and some Buy To Let Mortgages are not regulated by the Financial Conduct Authority. Calls may be recorded for training and security purposes and to improve the quality of our services.

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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.
  • Our Customer Promise. Respond to any question sent to your accountant or any dedicated department within 24 hours.  If we need more time, we will update you as soon as we can and we promise to keep you informed of the progress we are making in answering your question.
  • 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 business team on 01442 275789 or email: newbusiness@sjdaccountancy.com. Our new business team is open Monday to Thursday (8am to 8pm), Friday (8am to 7pm) and Saturday (10am to 4pm)

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.