Mortgages for Contractors — How to Get One
Flexibility in the workplace is on the rise as a result of the pandemic, with more people choosing to work from home and spend fewer hours in the office. It is likely that the growing number of contract professionals and self-employed workers will also rise as the furlough scheme comes to an end and employers cut back on staff, persuading many previously employed workers to go it alone and set up their own business. Contractors, who work across industries such as IT, finance and construction, are remunerated differently from those who are employed, which can make it trickier when it comes to getting a mortgage. Most are paid a day rate via a limited or umbrella company, so will require a specialist contractor mortgage . Lenders who offer these multiply the day rate by the number of working days in the year to work out the contractor’s annual income. This is where contractors need to watch out as lenders vary considerably in the number of weeks they are prepared to use, with some tak