If you are a contractor or are self-employed, securing a mortgage can be a challenge. Before the credit crunch things were more straightforward with self-certifying mortgages allowing those with a fairly new self-employed status to get on the property ladder. As the recession took over, the market changed dramatically and the self-certified era came to an end.

Contractor Friendly Mortgage Lenders


Interest-only mortgages also swiftly came to an end which meant contractors or the self-employed had no choice but to submit evidence of historical income. As the numbers of self-employed and contractor workers has increased the banks have had to think again. Now thankfully things have improved and the number of affordable contractor mortgages has increased. There are a number of contractor friendly lenders on the market where affordability is based on your contract rate alone, not on your accounts. As a result of basing your suitability for a mortgage on your annual contractor income, you will find there is a higher opportunity of securing the loan you need, as either a first-time buyer or as a seasoned home owner who wants to move up the property ladder.

It can be difficult shopping for a contractor mortgage on the high street as advisors may not fully understand the complexities of self-employment or contractor status. That’s why you need to come to the experts to ensure all options are made available to you. The Cambridge based team from Limetree have over 75 years’ industry experience and are specialists in contractor mortgages. We are here to ensure you get the best deals that are open to you and that you secure the mortgage perfect for your needs.

Our experienced advisors have access to a variety of lenders that are considered to be contractor friendly. The advantage of being an independent financial services company with no ties to specific lenders results in a market of possibilities being open to our clients.

We are also happy to work out of normal office hours which can be extremely helpful to contractors and the self-employed, there is no need for you to lose income as a result of a meeting with your mortgage advisor. Our bespoke service ensures that what we offer you is unique to your own requirements and our open and honest service guarantees you understand everything we do from beginning to end. Being regulated by the Financial Conduct Authority is another indicator that you are dealing with an organisation that has your best interests at heart.

So if you would like to discuss how we can secure you a contractor mortgage, give our friendly Cambridge team a ring today on 01223 266140.

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Four BIG reasons to save for a BIGGER house deposit

1. Cheaper monthly repayments – the bigger your mortgage deposit, the smaller your loan will be. The smaller your loan is, the cheaper your monthly repayments will be.

2. Better mortgage deals – a larger deposit will also make you less risky for mortgage lenders and they’ll generally offer you lower interest rates.

3. Improved chance of being accepted – lenders calculate if you can afford the mortgage repayments. If you put down a big deposit it’s more likely you will pass as the monthly repayment will be affordable.

4. Less risk –if you own more of your home you are less likely to fall into ‘negative equity’. Being in negative equity can make moving or remortgaging very difficult.

Watch out for our “Tips for saving a deposit” blog coming soon!