If you work as a contractor, freelancer, or self-employed worker in the construction industry, you may have been told that securing a mortgage is difficult. However, there are lenders who specialise in mortgages for CIS contractors and day rate contractors, and we can help you find them.
Day Rate Contractors
For professionals working on a day rate basis—such as IT contractors, engineers, or consultants—many lenders are willing to calculate your annual income based on your day rate rather than requiring traditional payslips or accounts. This can increase your borrowing potential significantly compared to lenders who only assess net profits or dividends.
CIS Contractors
If you work in construction and are paid via the Construction Industry Scheme (CIS), some lenders will treat you as an employed applicant rather than self-employed, meaning they may assess your income based on your gross earnings before tax rather than your net profits. This can be beneficial for maximising your affordability and securing a better mortgage deal.
Many people receive income from more than one source, and the good news is that certain types of additional income can be used to strengthen your mortgage application. Lenders may take into account:
✔ Benefit Income – Some lenders will consider benefits such as:·
Child Benefit·
Universal Credit·
Personal Independence Payment (PIP)·
Disability Living Allowance (DLA)·
Carer’s Allowance
✔ Bonuses & Commission – If you receive bonuses, commission, or overtime income, some lenders will count a percentage of this towards your total income. The amount accepted varies, but we know which lenders are most favourable.
✔ Maintenance Payments – If you receive child maintenance or spousal maintenance as part of a legal agreement or consistent private arrangement, some lenders will include this as income.
✔ Stipend Income – If you receive a stipend, such as for postgraduate research or medical training, some lenders will accept this as part of your mortgage application. While not all lenders recognise stipend income, we know which ones do and can help you find the best options.
By working with a mortgage broker like us, you can increase your borrowing potential by including all eligible income streams when applying for a mortgage.