IT Contractor Mortgages
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.
⚡ 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:
- Halifax
- Metro Bank
- Scottish Widows
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.
➡ Get Started on your Mortgage
Author: Ben, Glow Mortgage Advisor (CeMAP, BSc Hons)
Last Updated: 6th June 2020
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