As an IT contractor, you benefit from a daily rate.
We explore the UK mortgage lenders who are happy to accept mortgage applications from IT contractors and use your daily rate for mortgage affordability.
What are the lender requirements?
Mortgage lenders want to see that you have experience and also consistent work without any big gaps. If there is a genuine reason for a gap (such as a long holiday) this is usually fine. Mortgage lenders will generally ask you to provide your 12 months previous contracts and a copy of your CV in addition to your current signed contract.
Digitally signed contracts are fine, lenders are familiar with contracts that are signed with services such as DocuSign or Signable and other reputable online signing services.
Can I use my Daily Rate?
Yes, this is the advantage of using a mortgage lender that specialises in IT contractor mortgages. They will work out how much you can borrow based on your contracted daily rate.
We have recently created our own IT contractor calculator to help you work out how much you could borrow.
How much of a deposit do I need?
You will need to contribute a minimum of a 5% deposit. The maximum mortgage loan for IT contractors is 95% loan to value. Many lenders will accept a gift from a family member or close relative. The bigger the deposit size the better the interest rate will be.
The Best Mortgage lenders for IT Contractors:
- Metro Bank
- Scottish Widows
- The Mortgage Lender
The mortgage lenders above will use your daily rate in their affordability calculations meaning that you could borrow more when compared to other lenders.
Why use a mortgage broker?
Our mortgage brokers will process your mortgage for free. No broker fees and no application fees, we will manage your application and overcome any challenges that may arise.
Author: Ben, Glow Mortgage Advisor (CeMAP, BSc Hons)
Last Updated: 7th May 2019
I said a simple prayer to be led to the right Mortgage Broker having had difficulties in the past with some Mortgage Brokers. I made a Google search and found Glow Mortgages. After reading their positive and glowing reviews, I decided to contact Glow Mortgages via their website and 3 weeks later, I had my full mortgage offer handed to me. If there is a rating greater than 5 stars, I will rate Glow Mortgages 10 stars because they met and exceeded my expectations. No appointments, no interview, it was just straight to business. The best part of this, is that it is free. Even if I had to pay for this service, it will be well worth it because Glow Mortgages and Ben have been simply exceptional. Ben was very professional from the beginning and took time to understand our circumstances before getting us the appropriate deal. Ben kept up with prompt updates, emailing out of hours to keep us abreast of the stages in our mortgage application. I never for once chased Ben for any updates. I never spoke with Ben on the phone but the initial chats and prompt emails felt like he was within arms reach.I fully endorse and recommend Glow Mortgages and wish them continual growth as they are exceptional in their service delivery.Thanks Chinyelu Ben at Glow has been the most crucial and reliable point of contact throughout the entire first time buyer experience. He replies swiftly, he replies out of hours, and he goes above and beyond to help arrange everything from the best mortgage to various insurances and provides a very high standard of accurate general information. Not only that, but the whole thing is digital, from the communication to the document verification - a time-saving and absolutely imperative aspect of the process. Hopefully conveyancers and such will follow suit here, because the rest of the process outside of Glow's involvement is archaic and is in desperate need of modernisation. Ben is doing all he can to make this happen and Glow will go far as the average buyer starts creeping towards the new generations. I would invest in this company if I could. Absolutely 10/10 without question. Absolutely first class! Ben and Glow are fantastic.. Moving with the times with their instant messaging service. This is the way business is going and its great to see a service such as this be done this way. After struggling to obtain a mortgage with various lenders Ben had me an offer in less than a week. Incredible!Can't wait to move into my first place and its all thanks to Glow.. My thanks go out to you all! If your looking for a mortgage broker, then I promise you, you don't have to look any further!!I'm so pleased I had Ben to help us with our mortgage application. He helped us to understand things and make us feel more confidant and secure, in the biggest decision we have ever made. He is a thoroughly nice person, very friendly, down to earth and highly professional. He is quick to respond to emails/phone calls and kept us constantly updated. I would highly recommend him to anyone and definitely use him again! Thank Ben. Ben H I found about Glow Mortgages online and read the reviews about them, just like you are doing now. I tried the online forms on the website but it was not very user friendly so I abandoned it and emailed Glow Mortgages. Ben replied and was very helpful, resourceful and worked out all the options patiently with us. I sent attachments by email rather than the website but always received formal documents through the website. Ben replies to emails promptly it would feel like you were in a chat room. I did not have any need to phone them because things worked so smoothly you had no real reason to call. I did speak with Ben once just to ascertain he was real :). The service is unbelievably good! Everything with Glow mortgages was speedily done, they will check on you to deliver requested documents if you forgot or keep you updated on the process. They work odd hours and always kept you updated on what to do next. They made sure we have all the papers required no matter what the situation could be with the lender, we got a very good deal in the end and could't be any happier. I will definitely be using Glow mortgages again in the future. We would like to acknowledge the exceptional service that we received during the entire Mortgage process. Ben Onley,s professionalism and knowledge of the industry was impressive and truly appreciated. In the past, we have had experience with several others Banks/Lenders and have found the process frustrating and tedious. Ben went above and beyond to ensure that all of our needs were met and that everything was handled thoroughly and efficiently. We have and will continue to recommend him in the future.”Regards Gary & Cindy Morrell Glow Mortgage were excellent. My advisor, Ben Olney, was so respsonsive no matter the time of day, offered great advice and guided me through each part of the process step by step. Everything is done online, is quick and easy. Highly, highly recommend. Very happy with the service provided! Ben has been amazing from start to finish. He has been so speedy with his replies and keep in touch with me the whole way through my house buying journey. He’s always on hand to help at any time of day, any day of the week. He’s offered so much advice to help me through the process, as a new buyer I found this very helpful. He has kept on top of things and kept me in the know throughout. I have felt 100% confident and comfortable with his services and would recommend to anyone looking for a mortgage broker. The fact that everything is digital is amazing too! Saves so much time and is the way forward. A slick, efficient and fast service.At first I was very apprehensive about using a faceless online service for the most valuable transaction of my life but after doing some due diligence and chatting with Ben online, who provided his credentials, I took the plunge and was impressed with how smoothly the whole process was executed.I would happily use again and recommend Glow to others.
★ ★ ★ ★ ★
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