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Mortgages for Contractors

  • Day Rates & Hourly Rates
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Mortgages for Contractors

The contractor market in the UK has exploded in recent years and the payment vehicles and structures vary significantly. Typically, contractors who have recently started contracting or who contract through an umbrella company, tell us of the challenges they face when proving their income. Some may not yet have full accounts, others may receive ‘employed’ income through PAYE and some may have the added complication of using a CIS scheme.

Whatever your circumstances, we are able to help.

We will arrange your mortgage on the basis of your contractor day rate and can generally secure you highly competitive finance on your contract rate alone. In contrast, many of the High Street banks and building societies will require annual accounts. Our expertise and specialism can get your case agreed directly with the underwriter and one who understands how to assess your relevant earnings for lending purposes. This avoids disappointment and the unnecessary waste of both costs and energy, with a failed mortgage application.

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As contractor specialists, we understand that limited company payslips and contractor accounts do not fully reflect the ability to afford a mortgage. Contractors that we assist, like many professionals such as barristers and accountants, look to gear their earnings for tax efficiency and in doing so, standard accounts often do not reflect true disposable income. That is why the accounts are not required for the lending decision.

We are able to use your contract rate upon which to calculate your affordability, rather than accounts.  This allows you to borrow significantly more than if you were being assessed using lenders’ standard affordability criteria.

We will work with lenders who will consider your

  • current daily rate
  • multiply by 5 days per week
  • Then multiply that by up to 48 weeks for a year
  • The resulting figure gives us an annual salary

The annual salary can then by multiplied by up to 4.5 to 5 times this figure, depending on your circumstances.

 Case Study

John is a contractor on a daily rate of £750 per day.

We multiply his daily rate by 5 days to confirm £3,750 per week.

We then multiply this weekly rate by 46 weeks to confirm salary of £172,500 per year

We then multiply this figure by 5 (lender multiple)

This gives John maximum borrowing of £862,500
 

The process

In order to process the mortgage application we will need

  1. Your latest signed contract confirming your daily rate
  2. Your CV
  3. Your last 3 months’ bank statements confirming your contract earnings

It is as simple as 1, 2, 3

Once we have assessed your situation, we will obtain a formal decision-in-principle from the lender.

Once you have found the property, we will then fully package the case to the lender maximising success.

We typically assist the following contractors:

  • IT Contractors
  • Medical and Pharmaceutical contractors
  • Oil and Gas workers
  • Engineer and Telecoms consultants
  • Management and Risk Consultants
  • Marketing Consultants
  • Legal contractors inclusing solicitors, Counsel, barrister’s clerks and para-legals
  • Accountants
  • Actuaries
  • Architects and Surveyors

If you require help and assistance with a contractor mortgage, call us today or complete the online form and we will make contact to discuss your requirements.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Rates are updated daily and can be withdrawn at anytime without notice by lenders.”

Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Commercial Mortgages and some forms Buy to Let mortgages are not regulated by the Financial Conduct Authority.
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Excellent Service

Outstanding from start to finish. Great communication throughout. They fully explained everything an....
For service -  Resi/Remo/8 Main Drive
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Really happy with the service given much appreciated thank you

By: Steven Brown
Friendly and polite service kept me informed on what was going on Really happy with service given th....
For service -  Resi/Remo/ Keep Hill Close
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Amazing

Very helpful, and took the stress out of finding a mortgage that suited us. David and Alex were amaz....
For service -  Resi/Purchase/Field Gate Close
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Excellent service, really felt involved and well informed,thoughout

By: Kathryn Thompson
Very professional, communication excellent, David and Alex were lovely to work with, I had full co....
For service -  Resi/Purchase/Roehedge
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knowledgable and easy

By: Bramadarshan Ganesan
Thank you for your help withthe mortgage.....
For service -  Resi/Purchase/Hebron Court
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Knowledgable & Trustworthy

By: Zara Truscott
My partner had previously used Rockhopper and was thoroughly satisfied with the service from David. ....
For service -  Purchase/37a Leek Road
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Great communication and efficient handling of mortgage application!

Great service from David and Alex. Found us as good a deal that was available to us at the time, spe....
For service -  Resi/Remo/Victoria Avenue
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Excellent service

Calm and efficient service. Good communications. All went according to olan.....
For service -  Resi/Purchase/Barclaugh Drive
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Returned customer. Very Professional and Knowledgeable Mortgage brokers.

I have always been impressed by the professionalism of the brokers at RockHopper. I worked with them....
For service -  Resi/Remo/Waverley Avenue
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Excellent Service. Would highly recommend.

I received excellent service from David & Alex. Great communication and very efficient, it was a ple....
For service -  Resi/Purchase/Brighton
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Very professional and found us a solution when other brokers couldn't.

David spent time finding a solution for our non standard requirements which other brokers could not ....
For service -  Resi/Remo/Cherrington
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All thanks to Rockhopper, we have just completed on our new home...

By: Graham Fisher
We've just completed on our new home and its all thanks to Rockhopper. Our circumstances are not the....
For service -  Resi/Purchase/Newtown
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Efficient, transparent and helped us get a mortgage when no one else could!

By: Nzinga Akinshegun
Very efficient. Both David and Alex went above and beyond to get us a mortgage. They would answer em....
For service -  Resi/Purchase/Hamslade Cottage
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Great Service, Patient and Helpful.

By: Edward Impey
Kept us informed, looked at different options but mainly sourced us finance where everyone else stru....
For service -  Resi/Purchase/Hamslade Cottage
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Highly Recommend

Great service, unfortunately hampered by terrible service from the lender. David went the extra mile....
For service -  Product TX/Dale Street
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Rockhopper is awesome!

By: Tracey Yoko
Service and communication always professional and efficient. David and Alex were a pleasure to deal ....
For service -  FTB/BTL/Purchase/St Georges Gate
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Excellent service

By: Alistair Myles
RockHopper were efficient and effective and I would not hesitate to recommend them.....
For service -  ProductTX/Westcote Road
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Rockhopper was great service to arrange out mortgage. We found great options quickly and they helpe....
For service -  Resi/Remo/Cleveland Road
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David Rostron helped us finding the perfect mortgage. Highly recommend.

By: Ivor Du Merwe
Service was great and David knows literally everything in the mortgage market.....
For service -  JASP:Resi/Purchase/Woodlands House
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Excellent customer service

By: Christopher Spicer
Great services from start to finish from Alex & David. Good communication and dealt with everything ....
For service -  Resi/Purchase/Bruneval Gardens
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RockHopper Mortgages is a trading style of RockHopper Origination Limited, an appointed representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Some forms of Buy to Let mortgages and Commercial mortgages are not regulated by the Financial Conduct Authority.

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

RockHopper Origination Limited is a company registered in England and Wales with company number 10241688. Registered Office:Rockhopper, Blackwell House, Guildhall Yard, London, EC2V 5AE

The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

CONTACT US

Tel: 0203 621 5696
Fax: 0203 621 5697
Email:info@rockhopper.uk.net

Address: Rockhopper, Blackwell House, Guildhall Yard, London, EC2V 5AE

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