Yes — and with the right paperwork, you may even be treated like an employee.
Getting a mortgage as a contractor can seem tricky, but there are lenders out there who understand your setup. Whether you’re on short-term contracts, day rates, or long-term freelance gigs — it’s absolutely possible.
🧾 How Do Lenders View Contractors?
There are generally two approaches:
🧑💻 1. Contract-Based Assessment
Some lenders assess your day rate or contract value, calculating your income like this:
Daily rate x 5 days x 46 weeks = Annual income
You’ll usually need:
- A current contract
- 6+ months of work history
- Evidence of renewals or ongoing contracts
📊 2. Self-Employed Assessment
Others may treat you as self-employed, requiring:
- SA302s & tax year overviews
- 1–2 years of accounts
- A proven track record of income
This often applies if:
- You work through a Ltd company or umbrella
- You invoice multiple clients
- Your income varies month to month
💷 How Much Can I Borrow as a Contractor?
Depending on how you’re assessed:
- Up to 5x your annualised contract value
- Or based on average net income from accounts
Some lenders are more cautious with new or short-term contractors — others are more flexible.
❌ What Can Trip You Up?
- Gaps between contracts
- Recent switch to contracting
- Irregular or declining income
- Not having the right documentation
✅ How to Boost Your Approval Odds
- Keep contracts up to date and clear
- Maintain steady income (avoid big gaps)
- Work with a broker who knows contractor-friendly lenders
- Be ready to explain your work setup and show future pipeline if needed
💬 Contractor? Let’s Build You a Mortgage Plan
Don’t let your freelance or contract work stop you buying a home. I’ll help you find a lender who understands how you work and how you earn.
✅ Day rate and contract-based lenders
✅ Help with documents and income projection
✅ Personalised advice tailored to your setup