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IT Contractor Mortgage - could you borrow more?

As an IT contractor many mortgage lenders will see you as an appealing customer. Some lenders are particularly accepting of contractors in general, and you may find you can borrow more or get a better deal with these banks and building societies. We’ll help you explore the options.

Are there specific mortgages for IT contractors?

Most mortgage products are similar, no matter what your role, but certain mortgage lenders are much more welcoming to contracting professionals. IT contracting is a highly paid and well recognised job, so you should have no trouble finding a good mortgage deal. 

Contractor mortgages are now available from many lenders including high street banks.

How much can I borrow as a contractor?

The amount you can borrow will be based on affordability. Lenders will look at your income, your outgoings and your credit score to decide how much to lend you in a mortgage. 

Lenders will differ in how they view and assess you as a contractor. Some will see you as self-employed, and look at your annual income after expenses and tax. But others will assess you as a contractor, in which case they look at your gross contract income and use that as the basis for affordability checks.

With these lenders, you will often be able to borrow significantly more, compared with a lender that sees you as self-employed and uses standard mortgage calculators to assess affordability.

What criteria will I need to meet for a contractor mortgage?

As an IT contractor, some lenders will require you to have a certain length of history or experience. If you’ve only recently started contracting, you may need to show some evidence that you have been working in the IT field in an employed role for the past few years. 

You may also need to have at least six months left on your current contract, or to have a new contract lined up for when your current position comes to an end. 

What documents will I need?

It’s likely that the lender will want to see a copy of your current contract as proof of your daily contract rate and the length of the appointment. They may also want to see previous contracts to understand whether there are any gaps.

If you’re employed on a fixed term contract you may need payslips. If you’re self-employed through your own limited company, lenders may require one to three years’ accounts. You may also need to show tax calculation documents 

You’ll also need the usual documents including bank statements and ID. We will work with you to make sure you have all the documents you need well in advance of starting your mortgage application.

What if I’m a First Time Buyer?

It’s no more difficult to secure a mortgage as a First Time Buyer. You will often just need a little more guidance around the process and the proofs of income you may need for a contractor mortgage.

That’s where mortgage brokers really add value – we’ll guide you through every step, compare interest rates and fees and ensure you’re clear about each stage in the journey.

We work with clients in all kinds of situations, whether they are First Time Buyers, are exploring Buy to Let mortgages or have issues with bad credit. 

How can Mortgages by McAteer help?

The mortgage market is very complicated, and working with a broker will always make it faster and simpler to find a mortgage deal that works for you. 

We will compare contractor deals, self–employed mortgages and all the options to maximise your borrowing and make sure you meet all the criteria. If you need any form of specialist mortgage we will find the right deal for you. 

Mortgages by Mcateer Ltd is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Your property may be repossessed if you do not keep up repayments on your mortgage

Some buy to let mortgages are not regulated by the Financial Conduct Authority

Approved by The Openwork Partnership on 04/12/2023.