Mortgage for Day Rate Contractors

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Mortgage for Day Rate Contractors

Mortgages For Professionals with complex incomes through the main high street lenders

High street lenders typically provide more appealing rates, making them the preferred choice for many professionals seeking mortgage solutions. However, navigating the complexities of professional incomes can present challenges in securing loans from these lenders.

Professionals often assume they must seek alternative lenders due to the intricacies of their income streams. Yet, armed with a deep understanding of various payment structures, we confidently facilitate successful mortgage applications with high street lenders.

In fact, a substantial 93.4% of our mortgage applications are seamlessly processed through reputable high street lenders, showcasing our expertise in navigating complex income scenarios.

Mortgage for Day Rate Contractors

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Are you a Day-Rate Contractor looking to buy your first property or move home?

We at Davidson Deem understand the concerns and worries of applying for a mortgage. To make the process seamless for you, we offer a range of mortgages for contractors. Why not contact our team on 01202 884111 today? We assure a trustworthy and reliable application process!

With years of industry experience, we are committed to assisting you to receive the best results in buying your first home. Here, you will find the best day-rate contractor mortgages that assure numerous benefits like larger borrowing amounts, flexible repayment rates, and more.

How to get a mortgage on a day-rate contract?

You can secure a mortgage for the contractor if you work for umbrella firms, are a zero-hours employee, are a freelancer, or are on a short-term contract.

Since the income fluctuates monthly, it may be more difficult for contractors to demonstrate their revenues. Most lenders want proof of your wages for the most recent six months. However, they may also ask for proof of your earnings for the previous two or three years.
You may need to provide documents such as bank statements, invoices, tax returns, business accounts, and contracts to substantiate your income.

Lenders may consider several years’ worth of yearly earnings to determine an average annual income, so if you have worked as a contractor for a while, this is to your advantage.

How much can I borrow at my contract rate?

You can normally secure lending at 4.5 times your current contract rate (after allowances for holidays). However, with excellent credit scores, some lenders can offer loans up to 5.5 times the day contractors’ gross annual contract rate.

How to improve your mortgage application as a contractor?

You can improve your mortgage application as a contractor in several ways. As a first thing, you will need to give proof of consistent income. You can show evidence of repeat business and ongoing or extended agreements. In some cases, offering considerable deposits also helps improve chances for the best deals.

Ensure that you don’t have longer breaks between each contract since the lenders see it as riskier.

Finally, plenty of proof showcasing financial soundness, including your credit score, will improve your mortgage application as a contractor.


For professional assistance with application for day rate contractor mortgages,
contact Davidson Deem immediately through our online contact form or call us at 01202 884111! Alternatively, you can reach us via email at

Speak To an Expert
Our mortgage specialists pride themselves on having over 50 years combined experience. Whether you are looking for a mortgage as a first time buyer or to remortgage, we are here to help advise you on the best options available to you.

Frequently Asked Questions

If you have irregular and unreliable income sources and frequent fluctuations in income or income instability, then it can be challenging to get a mortgage as lenders may view it as a high-risk loan. However, with well-compiled income sources, necessary documents and invoices, and other standard documents then it is not difficult to get a mortgage.

Lenders assess contractors’ credit history and work records along with income history to decide the amount that the contractor qualifies for availing mortgage. However, being new doesn’t matter much when you have complete documentation and satisfy the lender’s queries.

Mortgage lenders have their own parameters for evaluating risk and fixing the deposit amount. Generally, you will need a minimum of 10% of the tender value to avail mortgage. With a higher percentage of deposit, you can get better interest deals.

Yes, it is still possible to get a mortgage if you can prove a new contract is in place.