Specialist Mortgage Routes for New Contractors

1. Future Contract Lenders
Many niche lenders understand that contractors often have:

• Signed agreements for future work

• Strong industry demand (especially in IT, engineering, healthcare)

• Transferable skills ensuring continuous employment

These lenders may accept:
✓ Your signed current contract (minimum 3-6 months remaining)
✓ Assignment letters showing likely extensions
✓ Previous employment history in the same sector

2. Day-Rate Calculations
Your earning potential matters more than your trading history when:

• Lenders multiply your day rate by 180-220 working days

• £400+/day rates create strong borrowing power

• Industry matters (IT/medical rates are favored)

Example: £450/day × 200 = £90,000 annual income for mortgage purposes

3. Industry-Specific Programs
Certain sectors have dedicated mortgage products:

• NHS locums: Often accepted with just 3 months' history

• Tech contractors: Some lenders offer "fast track" approvals

• Engineering consultants: Project-based underwriting available

Minimum Requirements to Get Started

While criteria vary, most new contractors need:
✓ Signed current contract (showing rate and duration)
✓ 3-6 months' bank history (proving income deposits)
✓ Clean credit (minor issues may be acceptable)
✓ Professional qualifications (for certain fields)

Why New Contractors Struggle (And How We Help)

High street banks often reject new contractors because they:

• Don't understand contract-based income

• Rely solely on historical accounts

• Use rigid affordability calculators

At Contractor Mortgage Solutions, we:
✅ Work with 25+ lenders who accept new contractors
✅ Present your case effectively (highlighting future earnings)
✅ Negotiate better terms than you'd get alone

Recent Success Story:
A newly-qualified IT contractor secured a £275k mortgage with:

• Just 4 months' contracting history

• £425/day rate

• 6-month contract + likely extension