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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Five Tips for Saving Toward a Bigger Deposit

We know that it can be hard to find the extra money every month to save towards your first or next home.  We’ve compiled these five tips – some of them a bit easier than others – that you could implement to save money.

  1. Reduce your food bills – some simple meal planning will help you reduce food and money waste. Spend half an hour every week planning the week ahead and write your shopping list to fulfil that menu.  Also consider changing supermarkets to one of the lower cost ones such as Lidl or Aldi for all or part of your shop.  Cook from scratch – convenience or ready meals are expensive, a healthy family meal can be made in under half an hour and will save you hundreds of £’s over the course of a year. Reduce your restaurant or takeaway meals so that they are treats – you will appreciate them all the more as will your back pocket! If you can’t resist the pull towards a pub or restaurant sign up to loyalty schemes or emails to take advantage of offers.
  2. Consider taking in a lodger – if you have a spare room or if your children could share for a short period while you are saving you can earn up to £7500 a year without having to pay tax (sign up to the Rent a Room scheme).
  3. Take a staycation – we all love to holiday but the average family holiday abroad (according to Expedia) costs £4800 plus £280 per week spending money.  Instead of booking a holiday away stay at home, book the time off work and spend days out with the family or as a couple.  If your single and saving then take some time off to visit with friends or family you haven’t seen in a while.  Explore the area you live in – go for bike rides.  If you really need to get away then consider camping, narrow boating or a lower cost holiday cottage in the UK instead of going abroad.
  4. Review your insurances and utilities – reviewing your insurance and utility contracts annually could save yourself a lot of money, utility and insurance providers rely on us having such busy lives that we don’t review our policies.  Price and policy rises can happen unnoticed and before you know it you could be paying a lot more than you realise.
  5. Manage your money – sounds simple, but if you set yourself a monthly budget and set up some standing orders into separate savings accounts e.g. a holiday fund, house fund, clothing fund that get transferred on pay day you are far less likely to fritter money.