Do I need accounts to get a contractor mortgage?

Not always. Some specialist lenders assess your income purely on your day rate and contract, without needing to see accounts or tax returns. This is particularly useful if your company retains profits.

How long do I need to have been contracting?

Ideally 12 months with at least one contract renewal. However, some lenders accept contractors with as little as 6 months' experience, particularly if you have relevant employed experience in the same field.

Can I get a mortgage between contracts?

Yes, in some cases. If you have a strong contracting history and can demonstrate ongoing demand for your skills, some lenders will consider you between contracts. Having a new contract lined up strengthens the application.

Does my contract type matter?

Lenders prefer fixed-term or rolling contracts. Some also accept statement of work (SOW) contracts. Zero-hours contracts are more limited but not impossible. We'll match you with the right lender.

Contractor Mortgages | Day Rate Lending | Chess Mortgages Uxbridge

Day Rate, Not Tax Returns

Many contractors earn significantly more than their tax returns suggest. Traditional lenders who assess income based on accounts and SA302s often undervalue contractor earnings. At Chess Mortgages, we work with specialist lenders who assess your income based on your daily rate and contract value, potentially allowing you to borrow significantly more.

What We Can Arrange

Day rate × 5 × 48 weeks income calculation (or equivalent annual contract value)

No accounts or tax returns needed with some lenders

IT, engineering, medical, financial and other specialist contractors

Fixed-term, rolling and zero-hours contract workers considered

Contractors operating through umbrella companies

Contractors operating through their own limited company

Ideally 12 months+ contracting experience with at least one renewal

Some lenders accept contractors with 6 months' experience

Up to 95% LTV available for well-qualified contractors

Get Expert Advice

Free, no-obligation consultation. We'll be in touch within 24 hours.

How Day Rate Lending Works

Specialist contractor lenders calculate your income using a formula based on your day rate. The most common approach is:

Daily Rate × 5 days × 48 weeks = Annual Income

For example, a contractor earning £500/day would be assessed on an annual income of £120,000. This is often significantly higher than the income shown on company accounts or tax returns, allowing you to borrow more.

Typical Scenarios

• You're an IT contractor earning £500+/day but your accounts show much less
• You've been contracting for 12 months and have your first renewal
• You've just started contracting and want to know your options
• You're between contracts but have a strong track record
• You operate through an umbrella company
• You're a locum doctor, dentist or healthcare professional

How It Works

Initial Consultation

We discuss your situation, income, goals and any concerns — at our expense and without obligation.

Market Search

We search our extensive lender panel including specialist lenders to find the best deal.

Application

We prepare and submit your application, managing all lender communications.

Completion

We coordinate with solicitors and the lender through to completion day.

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

Chess Mortgages is a trading style of Chess Property Services (London) Limited (Company No. 6575229), authorised and regulated by the Financial Conduct Authority (FCA No. 748976).

Contractor Mortgages

Day Rate, Not Tax Returns

What We Can Arrange

Get Expert Advice

How Day Rate Lending Works

Typical Scenarios

How It Works

Initial Consultation

Market Search

Application

Completion

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Self Employed

First Time Buyers

Frequently Asked Questions

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