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Skip links * Skip to primary navigation * Skip to content Toggle navigation * Home * About Us * Overview * Why Choose Us * Why We’re Different * Meet the Team * Testimonials * FAQs * Specialist Professions * Contractor * Oil & Gas Contractor * Doctor * Locum Doctor * Professional Footballer * Barrister * Seafarer * Mortgage * First Time Buyer * Moving Home * Remortgage * Buy To Let * Secured Loan * Protection * Relevant Life Cover * Life Insurance * Critical Illness * Income Protection * Home Insurance * Calculators * Mortgage Calculators * Buy To Let Calculators * Refer & Earn * Blogs * Blog * Partners Blog * Partner Directory * Contact 02394 212912 enquiries@ pcmortgages.co.uk FREQUENTLY ASKED QUESTIONS DID YOU HAVE ANY QUESTIONS REGARDING OUR SERVICES? Get a quick quote now FREQUENTLY ASKED QUESTIONS DID YOU HAVE ANY QUESTIONS REGARDING OUR SERVICES? Get a quick quote now HOW WE CAN HELP YOU? Below you can find the answers to the questions we get asked most about contractor-based mortgages. We’ve put together some commonly asked questions to help give you more information about the services that we offer. Do you have a burning question? Can’t find the answer you were looking for? Need some more information about one of our offerings? Please do not hesitate to contact us! Contact us FREQUENTLY ASKED QUESTIONS CAN I GET A MORTGAGE AS A CONTRACTOR? Yes. Our consultants have helped 1000s of contractors obtain mortgage funding during their careers. As a company, we have access to bespoke contractor underwriting that will allow you to borrow based on contract value. Find out how much you can borrow here. DO I NEED TO HAVE BEEN CONTRACTING FOR A SPECIFIC PERIOD? No. We have access to lenders that are happy to assist from Day 1 of your contracting career and assess borrowing based on your contract value, although each lender will have their own set of criteria that you will need to meet. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options. CAN I GET A CONTRACTOR MORTGAGE WITH NO LIMITED COMPANY ACCOUNTS? Yes. We have access to lenders that will be happy to assist you without company accounts, with borrowing based on your contract value. We can assist from Day 1 of your contract, although each lender will have their own set of criteria that you will need to meet. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options. CAN I GET A MORTGAGE WHILST WORKING THROUGH AN UMBRELLA COMPANY? Yes. We have access to lenders that will understand umbrella payment structures. Borrowing will be based on your contract value, although each lender will have their own set of criteria that you will need to meet. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options. WHAT SIZE DEPOSIT WILL I NEED? Deposits can start from as little as 5% but rates tend to improve the larger the deposit available. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options. WILL I PAY A HIGHER INTEREST RATE? No, we have negotiated bespoke underwriting and processes, not interest rates. We work with high street lenders to ensure you don’t get penalised for the way in which you work. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options. I’VE HAD CREDIT PROBLEMS IN THE PAST, WILL THIS STOP ME GETTING A MORTGAGE? Not necessarily, although it does become more difficult. One of our dedicated Contractor Specialist Mortgage Consultants will be able to review your situation and advise you of any options that are available. WHO PROVIDES CONTRACTOR MORTGAGES? There are now more highstreet lenders than ever prepared to accept a contractor mortgage application. These include well-known names such as Halifax, Barclays, Clydesdale, Virgin Money and Nationwide to name but a few. The exact lenders available to you will depend based on your personal circumstances. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options. WHY SHOULD I CHOOSE PROFESSIONAL CONTRACTOR MORTGAGES? Instead of us telling you all the reasons why, we thought we would leave it down to our clients. View testimonials IS IT HARD TO GET A MORTGAGE AS A CONTRACTOR? Yes and no. Our team of experienced Contractor Mortgage specialists have access to specialist underwriting teams within the main banks and building societies, to ensure that your application is assessed on its own merits, considering the way in which you work and how you get paid. A direct application to a lender, however, can result in the wrong criteria being applied to your case and an application being declined. WHICH BANKS GIVE MORTGAGES TO CONTRACTORS? Most High Street lenders now have some form of Contractor Mortgage criteria, including the biggest names in mortgage lending in the UK such as Halifax, Barclays, NatWest, Nationwide and many others. With out bespoke direct-to-underwriter process, we can ensure that the correct lender for your circumstances is identified, and you get the mortgage funding that your contract rate deserves, rather than you being shoehorned into either employed or self-employed criteria. HOW MUCH MORTGAGE CAN I GET AS A CONTRACTOR? Unfortunately, there is no easy answer to this, except to say that for a Contractor Mortgage, you can borrow just the same amount as if you were earning an equivalent PAYE salary in most instances. There are even situations in which you could borrow more, as lenders become more aware of the earning potential of the nation’s contractor and freelancer work force, coupled with our unprecedented access to underwriting teams. CAN YOU GET A MORTGAGE ON CONTRACT WORK? Yes. Historically, banks would only ever assess applications based upon either employed or self-employed criteria. Now, thanks to the access that we have directly to decision makers, lenders are waking up to the knowledge of there being a third way, and being able to obtain a Contractor Mortgage based upon your day rate or hourly rate, instead of either payslips or company accounts, neither of which tell the true story of your earning potential. CAN INDEPENDENT CONTRACTORS GET A MORTGAGE? Yes! In many ways, independent contractors have more potential options when it comes to a Contractor Mortgage than those working solely through umbrella companies, as there is the potential to take into account salary, dividends and even net profit alongside your contract rate, to tell the full story of your financial firepower. CAN YOU GET A MORTGAGE WITH A 1 YEAR CONTRACT? Yes. The lenders that we deal with take a holistic view of each application on its own merits, meaning that regardless of the length of your contract, there could be lending options available. Whether you’re on a daily rate or an hourly rate, and whether you’ve been contracting for 2 years or 2 weeks, we are confident that we can help you obtain a Contractor Mortgage. HOW DO CONTRACTORS BUY A HOUSE? The house buying process is no different whether you are a contractor or whether you are permanently employed. The big difference is how your Contractor Mortgage is approved and offered. With such a buoyant housing market currently, any delays in underwriting could risk losing the property to another buyer, so it is vital to ensure that your application is assessed correctly. Similarly, the relationship between your mortgage broker and your solicitor is crucial, to ensure that all parties are aware of expected timescales to ensure a smooth transaction. DO YOU NEED A CONTRACT TO GET A MORTGAGE? Ideally you would be in contract when applying for a mortgage, as this is the easiest way of demonstrating a current income, however, with the access that we have to underwriting teams, there may be options for you to obtain a Contractor Mortgage even if you are between contracts. Give us a call to discuss your circumstances in more detail. HOW LONG DO YOU HAVE TO BE CONTRACTING TO GET A MORTGAGE? We deal with lenders who can approve a Contractor Mortgage even if you are a ‘day 1’ contractor, due to the bespoke underwriting arrangements that we have in place with High Street banks and building societies. While it’s true that some lenders may have a minimum period in which you need to have been contracting, being a new contractor will not necessarily preclude you from accessing a Contractor Mortgage. CAN I GET A MORTGAGE WORKING THROUGH AN UMBRELLA? Yes. With recent developments around IR35, many of our clients have reassessed their remuneration structure, to ensure that it is as tax efficient as possible considering the potential financial impact of being considered inside IR35. We can access Contractor Mortgages for you regardless of whether you contract through an umbrella company, a Limited Company or even directly to your end client. CAN I GET A CONTRACTOR MORTGAGE WITH NO ACCOUNTS? Yes. Our bespoke underwriting arrangements include lenders who have no requirement for any trading history if you are operating through a Limited Company. A true Contractor Mortgage is based upon your contract rate, rather than any figures from your Limited Company anyway, and as such we can even arrange mortgages for those brand new to contracting. CAN I GET A MORTGAGE ON A 12 MONTH CONTRACT? Yes. The lenders that we deal with do not penalise you for the length of your contract, as they understand the way in which you work. With the access that we have to underwriters, we can obtain a Contractor Mortgage regardless of the length of your contract, and this is where we utilise your CV to add weight to your application, by demonstrating your working history, regardless of contract. DO I HAVE TO HAVE A PERMANENT JOB TO GET A MORTGAGE? No! In today’s financial climate, Contractors have far more spending power and surplus income than many equivalent PAYE employees. Thanks to the hard work in building such close relationships with underwriters, we can obtain a Contractor Mortgage based upon a daily or hourly rate rather than a permanent salary, ensuring that you are not disadvantaged when it comes to rate or choice of lender. CAN I GET A MORTGAGE ON A 6 MONTH CONTRACT? Yes. Lenders are now realising that contracting is a far more lucrative and flexible way of working compared to permanent employment, and using our direct to underwriter approach, they have begun to embrace the nature of contracting, rather than turning you away, as may have been the case in years gone by. We can obtain a Contractor Mortgage for our clients regardless of the length of the contract. CAN YOU BUY A HOUSE AS A CONTRACTOR? Yes! There is more access than ever before to a wider range of lenders and products on the market, based upon your contract rate. Buying a house with a Contractor Mortgage need not be any more complicated or stressful for you than if you were an employee, and it’s why our clients trust our decades of experience in the industry to help you buy your dream home. FEELING INSPIRED? Do you have any more questions, or wish to learn about how we can help you find a great mortgage deal? FEELING INSPIRED? Do you have any more questions, or wish to learn about how we can help you find a great mortgage deal? Get Free Quote GET IN TOUCH WITH US I consent to sharing my personal data with Professional Contractor Mortgages. By checking this box you agree to our Terms & Conditions and Privacy Policy. We respect your data. We'll always treat your personal details with utmost care and will never sell them to other companies. We would like to send you updates about products and services, promotions, exclusive offers, news and events from Professional Contractor Mortgages by email, SMS, phone and other electronic means. You can unsubscribe at any time by contacting us through email, telephone or post. TESTIMONIALS “STEVE HAS PROVIDED US EXCELLENT SERVICE THROUGH TWO MORTGAGES AND WE HOPE HE WILL BE THERE TO GUIDE US THROUGH MORE AS WE EXPAND OUR PORTFOLIO. THE SERVICE FROM STEVE AND PCM IS PROFESSIONAL AND EXTREMELY EFFICIENT. WE WERE CONSTANTLY UPDATED ON HOW THINGS WERE PROGRESSING AND THE TURNAROUND TIME WAS EXTREMELY AMAZING AS WE WERE WORKING TO A TIGHT SCHEDULE. WELL DONE TEAM!” “I AM ABSOLUTELY SPEECHLESS. ALMOST ALL THE BANKS AND SO CALLED CONTRACTOR SPECIALIST BROKERS REFUSED TO GET ME MORTGAGE BUT WILLIAM COE GOT ME MORTGAGE OFFER IN LESS THEN A WEEK. ABSOLUTELY UNBELIEVABLE WORK DONE BY WILL AND PCM TEAM. HIGHLY RECOMMENDED.” “TOP DRAWER: OUTSTANDING SERVICE FROM @WILLIAM COE WHO SUCCESSFULLY SECURED A GREAT MORTGAGE DEAL FOR ME – HE DELIVERED EVEN MORE THAN HE PROMISED AT THE START OF THE PROCESS,, DESPITE MY MORTGAGE REQUIREMENTS BEING SOMEWHAT COMPLEX AND THE CHALLENGES THAT CAME WITH.” “MARK WAS VERY PROFESSIONAL AND HELPED US EVERY STEP OF THE WAY IN HELPING US GET OUR REMORTGAGE. HIGHLY RECOMMENDED FOR THE QUALITY OF SERVICE AND KNOWLEDGE ON THE PROCESS OF GETTING US THROUGH THE HURDLES FOR FREELANCE CONTRACTORS. THANKS VERY MUCH MARK…” “GREAT SERVICE. QUICK AND RESPONSIVE. GOT ME A GOOD DEAL AND MADE MULTIPLE CHANGES DUE TO SOME ISSUES I ENCOUNTERED.” “HIGHLY RECOMMEND TO OTHER CONTRACTORS! AFTER RUNNING INTO CHALLENGES WITH HIGH STREET MORTGAGE LENDERS ON A SOMEWHAT STANDARD REMORTGAGE, I SOUGHT HELP FROM PCM AND MARK MCBURNEY. MARK SUCCESSFULLY SECURED US A HIGH STREET REMORTGAGE PRODUCT AT A COMPETITIVE RATE. VERY GRATEFUL FOR MARKS WORK AND THE OVERALL SERVICE PROVIDED BY PCM.” “ANDREW IS VERY KNOWLEDGEABLE, PROMPT AND VERY PROFESSIONAL. COURTEOUS, SHARP AND INVENTIVE, ANDREW GOT MY MORTGAGE SORTED TWICE IN TIMES WHEN IT WAS QUITE DIFFICULT TO ARRANGE ONE. THE MAIN THING THOUGH IS ANDREW IS VERY CONFIDENT AND RELIABLE AND ALWAYS DELIVERED ON HIS PROMISES.” GET IN TOUCH 02394 212912 ENQUIRIES@ PCMORTGAGES.CO.UK FOLLOW US COMPANY * Remortgage * Moving Home * Buy To Let * Secured Loan LEGAL * Terms of Business * Our Commitment * Privacy Policy * FAQs © 2020 - Professional Contractor Mortgages Your property may be repossessed if you do not keep up repayments on your mortgage. Professional Contractor is authorised and regulated by the Financial Conduct Authority (FCA reg. 920694). Registered in England No. 11453383. Registered Office: Office 20, One Port Way, Port Solent Portsmouth PO6 4TY. Please be aware that Commercial Mortgages, Overseas Mortgages and some Buy To Let Mortgages are not regulated by the Financial Conduct Authority. Calls may be recorded for training and security purposes and to improve the quality of our services. This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT Privacy & Cookies Policy Close PRIVACY OVERVIEW This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities... Necessary Necessary Always Enabled Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information. 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