How to Improve Your Mortgage Chances as a Contractor

How to Improve Your Mortgage Chances as a Contractor

Blog Article

Getting a mortgage as a contractor is entirely possible — but preparation is key. By taking a few smart steps before applying, you can boost your chances of approval and unlock better rates.

1. Get Your Paperwork in Order
Lenders want to see clear evidence of your income. As a contractor, this typically means:

Your current contract

Bank statements (last 3–6 months)

Proof of ID and address

CV showing your work history

Organising these documents early will speed up the process and help avoid delays.

2. Maintain a Strong Credit Score
Your credit score plays a major role in mortgage approval. To improve it:

Register on the electoral roll

Make all payments on time

Keep credit card balances low

Avoid applying for new credit before your mortgage

Regularly check your credit report to ensure everything is accurate.

3. Save a Larger Deposit
While you can get a mortgage with a 5–10% deposit, putting down more gives you access to better rates and increases lender confidence. Aim for 15–20% if possible, especially if your contract history is short.

4. Minimise Gaps Between Contracts
Lenders prefer a steady income, so try to limit the time between contracts. If you’ve had breaks, be ready to explain them — especially if they were due to holidays or contract transitions.

5. Use a Contractor Mortgage Specialist
Not all lenders understand how contracting works. That’s why using a broker like Contractor Mortgage Solutions is essential. We work with lenders who base affordability on your day rate and understand the nature of your work.

Get Expert Help for a Smoother Approval
With the right approach, getting a contractor mortgage can be straightforward. Let us help you strengthen your application and secure the right deal.

Speak to Contractor Mortgage Solutions today and take the first step toward your mortgage approval.