Are you tired of being rejected by mortgage lenders who fail to grasp the concept of contracting?

We specialise in mortgages for UK contractors.

Self-Employed Contractor in or outside of IR35 ruling? We can assist with your mortgage needs using your daily rate.

Getting a mortgage in the current climate is daunting for most people and can be especially tricky and frustrating being self-employed.
Whether you are classified within IR35 ruling or outside it, we have lenders who will use your day rate to work out your mortgage. This may be a good time to review your mortgage.
Broadly speaking, most lenders work on typical yearly tax returns, or Tax Overview & Tax Calculations, or a combination of the two. As a contractor, you may not meet all the necessary criteria, and this may limit your borrowing ability and choices. At Landmark, we have expert mortgage advisors on hand to find you a competitive lender who will consider your daily earning rate rather than your monthly or yearly income.

Who Will This Benefit?

Theoretically, there is no limit to the category of self-employed clients eligible for this scheme, and some lenders can be client-oriented. Some typical contractor types include but are not limited to:
• IT Programmers
• Business Analyst
• Engineers and Architects.
• Marketing, Management, Telecom Analyst.
• Change Management,

• Public sector Contractors
• Operational Risk Management.
• Accountants, Actuaries, Surveyors.
• Teachers, Doctors, Medics.
• Contractors in Oil and Gas

Landmark Private Finance Specialities
We can assist fixed-term contractors whether or not you are covered by the IR35 ruling. We have specialties in the following types of contractor mortgage, regardless of industry:

• Mortgages for self-employed contractors and subcontractors (with or without experience).
• Mortgages for recently self-employed contractors.
• Mortgages for contractors of an umbrella company.
• Professional contractors’ mortgages (professional contractors include but are not limited to the people, mentioned on the list above, solicitors, barristers, and other fields). They may apply for the contractors’ mortgage without proof of an annual salary as long as daily earning rates are clear.

How It Works

Firstly your earnings are assessed. For example: based on daily contract earnings of £750 and a standard five days per week and 46 weeks per year excluding holidays.
Multiplying the daily earnings by the number of days and weeks worked, your gross earnings would be: £750x 5 (days) x 46 (weeks) = £172500 per year

Lenders with then look at the affordability factor which can be a standard multiplier of four or five times your earnings. Based on the above figures, the estimated mortgage eligibility would be:
£172,500 x 4.5 (as an average) = £776,250.

Once your borrowing ability has been determined during a consultation with Landmark Private Finance, you can proceed in the same way as a regular mortgage borrower, whether that is as a first-time buyer, a second home mortgage, or re-mortgaging plan. Our expert advisers can guide you through every stage of your mortgage journey, owning your dream property.

For more details please contact Landmark Private Finance.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

— at Landmark Private Finance.