Mortgages for Contractors

Complete Finance is authorised and registered by the Financial Conduct Authority. We introduce all clients to an FCA Regulated mortgage broker who will endeavour to help them obtain a mortgage.

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Mortgages and Remortgages for Contractors, Construction Industry Scheme (CIS), self employed and freelancers: for house purchase, remortgages, rasing money for home improvements. We can help with Buy-to-Let mortgages or with buying your home from the local authority with a Right to Buy mortgage

Mortgages are subject to status and availability. You must be 18 years or over to apply for a mortgage. Your home may be repossessed if you do not keep up repayments on your mortgage.

Are you a contractor and need a mortgage?

As a contractor or self employed freelancer, it can often be a problem getting a mortgage because many lenders and brokers simply don’t understand the way you get paid and how it differs to an ordinary employee.

Howvever, it is possible to get a mortgage based on your contract rate alone. This means your mortgage can be arranged based on the value of your contract, rather than your self-employed net profit, salary or dividends. With certain mortgage lenders, your contract can be used to calculate your affordability and eligibility for the mortgage.

Construction Industry Scheme (CIS)

If you are a self-employed contractor paid through the Construction Industry Scheme (CIS), it is possible that a mortgage can be arranged based on an average of your weekly/monthly pay, typically over a three to six-month period. This means there might be no need to provide your net profit.

The broker will endeavour to to find you the best contractor mortgage deal possible. To find out how much you could borrow, based on your contract rate or average pay through the CIS scheme, use the calculator below

How much can you borrow?

Fill out the details below for an estimate of the amount that could be available to you



eg. loan and HP payments, credit card payments, child-care costs

This is only a guide, and that other factors such as dependants, credit score, deposit and other major outstandings may reduce affordability. Please complete the enquiry form and a broker will get back to you with advice and an accurate level of mortgage available.

You may be able to borrow up to


Want a more detailed estimate, or to apply today?
Complete the enquiry form on this page

We need a little more information.


Please complete the enqury form on this page and a broker will get back to you with advice

Want a mortgage quote?
Complete your details below and an FCA Registered mortgage broker will get back to you with a quote
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Remortgage Purchase
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Purchase Details

Purchase type
Purchase Price
Amount to borrow
Missed mortgage or rent payments in last 12 months
Notes

Remortgage Details

Property Value
Amount required
Current mortgage balance
Secured loan balance
Missed mortgage or rent payments in last 12 months
Current arrears
Notes
Personal Details
Title
First name
Last name
Date of Birth
Address
Postcode
Main Phone No
Other Phone No
Email
Best time to call
Employment
Occupation
Time in Job
Monthly income
Marital status

The Broker will contact you. By submitting this form, you confirm you agree to our Terms & Privacy Statement




Self employed contractor with a bad credit history?

Contractor mortgages

If you have had defaults or county court judgments in the past, this does not mean you cannot get a low interest rate mortgage now. If you have completed an IVA or you are a discharged bankrupt, you may still be eligible for a mortgage. Past credit problems don't mean that you cannot get a good mortgage interest rate now.

When you are struggling financially, it is understandable that meeting your mortgage payments is going to be a big concern. Contact us for the facts. You may find that other types of mortgages suit your needs better. For example, if you have savings, you could use these to reduce your mortgage term or monthly payments. Complete the form to get a mortgage quote from a registered broker, and get your finances back on track even if;


  • You have had County Court Judgements (CCJ's)
  • You have a poor credit rating
  • You have mortgage arrears
  • You are a discharged bankrupt
  • You have payment defaults
  • You have been in an IVA (Individual Voluntary Arrangement)
  • You've been turned down by other lenders in the past

Mortgages for Freelance Contract Workers

mortgages for CIS contractors You have various options available to you. One of them may be to swap to a new mortgage can be used to pay off your existing lender and any other finance you may have. The new payments should save you money. You may wish to use the finance raised to pay off credit and store cards, car loans and other high interest rate finance, so reducing your monthly payments overall.

  • Borrow up to 90% of the value of your home
  • Repayment terms 10 years, 15 years, 20 years, 25 years up to 35 years

Mortgages are available for people in situations such as:

  • You are employed, self employed or have a poor credit history
  • You have had adverse credit within the last 12 months
  • You have a non-standard construction or high rise property
  • You are on a Low income
  • You are looking for Capital repayment or Interest only
  • You have Benefit Income only

Shared ownership accepted up to 100% of the clients share

Benefits

  • No upfront fees
  • No obligation advice
  • Competitive low interest rates

Top Tips for Contractors looking for a mortgage

  1. Try and have at least 10% deposit, but, be aware that the best rates available go to those people who have a deposit of between 10% to 25%. If you do not have this amount of deposit or if you don’t have equity in your current property, then there are still contractor mortgages available, but you will pay a higher rate. The more ‘equity’ that you can put into a new property, the less risk the lender is taking on, and so they can offer lower rates.
  2. Use an independent mortgage broker who understands contractor mortgages. Avoid bank or building society branches or call centre staff who are not trained to deal with your specific situation. Instead, speak to a specialist who understands your contractor status who can make sure that your mortgage application is presented correctly.
  3. Keep a good credit rating. Despite a good income and a sizeable deposit, your mortgage application may still be declined if your credit rating is not good. It is important to keep your credit rating as ‘clean’ as possible.
  4. Make sure your contract is up to date. The broker will need a copy of your signed contract. This must clearly state the length of your contract, and your current contract rate.
  5. You will need at least three to six months pay slips readily available if you are a contractor paid through the Construction Industry Scheme (CIS) .
  6. Make sure the mortgage repayments are affordable. It’s vital that you are realistic about what mortgage repayment you can afford to pay each month. The figure that a lender is willing to offer you, which is based on a multiple of your contract rate, could result in a higher payment than you can actually afford, when you take into consideration the other financial commitments you have, so be sensible.
  7. Interest rates can go up. It is important to understand this. If you’re on a variable rate then repayments could become unaffordable.

Some companies offer loans specifically to cover mortgage problems such as mortgage arrears. Loans can be expensive and in some cases secured against your home and so if the root cause of the problem has not been addresses you could be increasing your expenditure and putting your home at greater risk. We strongly recommend that you get independent advice before considering any arrangements like this. If you remortgage (change your mortgage lender), your new mortgage may come with a product fee and it may also have different features than your current mortgage. Please ask the broker for full details about the total costs you may have to pay. Your home may be repossessed if you do not keep up repayments on your mortgage.

We take your enquiry and pass it on to the mortgage broker that will best handle your own individual circumstances.The mortgage broker will find the most suitable lender for your specific requirements and get back to you with the mortgage that suits your needs. Note that your current lender may charge fees when you leave. Also, legal fees may apply depending on your circumstances.

Self employed? Sole Trader?

Whether you are employed or self employed, or even if you are not working, there are mortgages you may be eligible for. If you are struggling financially, you have various options, such as extending your mortgage term - this will allow you to reduce your monthly payments by paying your mortgage back over a longer term. Alternatively, your lender may let you reduce your monthly payments for a set period of time. (Although these payment arrangements would reduce your monthly payments now, they will increase the overall cost of your mortgage). Find out whether our brokers can help by firstly completing the form.  A mortgage broker can research the best mortgage for your circumstances whilst having the skill and knowledge to process your application quickly and efficiently. Whether you are looking to buy privately, from the local council or if you need a Buy to Let Mortgage at a low APR interest rate. Fast and simple

Financial Problems

If you are currently experiencing financial problems, at the same time as talking to us about your financial concerns, we recommend that you take independent debt advice to help you understand your options and manage your finances. There are a number of organisations that provide free, professional advice, such as Citizens Advice, National Debtline and StepChange Debt Charity. Depending on your circumstances, you may also be able to get help from the government.



The service you will receive

The broker will endeavour to find the most suitable mortgage for your individual circumstances and do everything they can to get your mortgage paid out as quickly as possible. We believe that both we and the broker give a first class service to our clients. We hope you will be happy with the outstanding service you receive from the broker. If not, please let them know and they will do their best to help with any problems you may encounter. You will never be asked for any up front fees for arranging your finances.

The broker will contact you by telephone or email to clarify any issues that they are not sure about. You are under no obligation at any time to go ahead with their advice. They will find the most suitable lender for your specific requirements and get back to you with a product that suits your needs.

Mortgages are subject to underwriting and criteria. Minimum age 18. UK residents only.



self employed contractors and freelancers mortgage
What type of Mortgage? We can help with:
  • Base Rate Interest Mortgages
  • Fast Mortgage Completions
  • Flexible Rate Mortgages
  • Low Interest Mortgages
  • Low Rate Mortgages
  • Mortgages at Fixed Interest
  • Mortgages at Fixed Rate
  • Mortgages for Buy to Let
  • Mortgages for First Time Buyers
  • Mortgages for House Purchase
  • Mortgages for Next Time Buyers
  • Mortgages for Right to Buy
  • Poor Credit Mortgages
  • Quick Mortgage Completions
  • Tracker Rate Mortgages
  • Mortgages for blacklisted
  • Mortgages for CIS Contractors
  • Self employed mortgages