Contractor Mortgages
Day-rate contractors can find it difficult to get the mortgage they require as many lenders do not really understand how you are paid. However, the good news is that there are specialist lenders who will take a contractor’s day rate into account when it comes to a mortgage, rather than looking at your salary and dividend payments. These lenders will take how much you earn per day and multiply that by the number of working days in the year to work out your annual income. If you are a day-rate contractor, it is worth taking advice from a whole-of-market mortgage broker such as AWS, who will know which lenders offer contractor mortgages at the most competitive rates.
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