As A Contract Worker, Can I Get A Mortgage?

If you are a contract worker or an independent contractor and meet the requirements for a mortgage, you can get a home mortgage. You have to provide the standard documentation provided by the lender and prove your affordability to the lender. But this is a challenging process for contract workers.

But working as a contract worker, despite its benefits, also creates problems to get a mortgage; this is because contractors, unlike fixed-wage employees, do not have continuous receipts. Therefore contract workers cannot quickly provide evidence of their continued income to lenders. On the other hand, the challenges posed by the pandemic have added to the problems of contract workers getting mortgages, and the extension of contract workers has caused many problems.

But with all these difficulties, it is possible for Mortgages for contractors. This article refers to the methods and tools that contract workers can use to get a mortgage. However, using specialized contractor mortgages advice is always one of the critical solutions for them to go through the mortgage process quickly.

Mortgages forContractors: Lenders’ Criteria

Lenders consider various conditions and criteria for assessing the affordability of contractors, some of which we will mention in this section. It should be noted that these criteria are not general, and some lenders may consider different measures and levels of competency for a contract worker.

  1. The period of the contractor’s activity

The period of the contractor’s activity is considered one of the critical criteria of lenders. Many lenders emphasize that contractors must have a reasonable period in their area of ​​expertise. Lenders like to have a contractor long enough. They usually ask for a period of 2 to 4 years before the mortgage application is approved. In general, the longer the period of your employment or activity as a contractor, the more stable your job is and the more scores you get from lenders to get a mortgage. If the contract worker has less than two years of employment history, there are still ways to get a mortgage. One of these ways is to increase the deposit amount. The more savings you can make and the more deposits you can make to get your mortgage, the more likely you will get a mortgage. However, some lenders even consider a one-year and continuous period to be sufficient for contract workers, which is mainly due to the willingness and history of lenders to cooperate with contractors. Here it is essential to choose a contractor mortgage broker who has sufficient experience providing contractors mortgage advice because a contractor mortgage broker knows the lenders who consider the conditions more favourable for the mortgages for contractors and therefore will give a more suitable route for the contractors.

  • The contract document between the worker and employer

If you have a contract with an employer for a job, you can provide this contract to your bank or lender and use it as collateral for a mortgage. Lenders typically consider these benefits for contract workers and assign mortgages based on the contractors’ future earnings.

  • The time interval between contracts

If there is no gap in the employment history of contract workers, lenders will consider their income guaranteed in the future. In general, the absence of gaps in lenders ’employment history is a crucial advantage for a contract worker, and lenders’ decisions to lend to them are influential. Lenders, on the other hand, have tighter criteria for workers with temporary work experience. Therefore, the use of contractors’ mortgage brokers is considered necessary for contract workers. Contractors’ mortgage brokers identify contractor-friendly lenders and remind contractors of their terms.

  • Using the advice of a contractor mortgage broker

Because contractor mortgage brokers are familiar with the products on the market and work with different lenders, using the advice of contractor mortgage brokers is one of the key ways to get mortgages from contract workers. But you should keep in mind that not all brokers specialize in Mortgages for contractors, and you should find a broker who has enough experience in mortgages for contractors. A contractor mortgage broker will introduce you to the products on the market and compare the rates and conditions of each lender. Finally, they will give you the best options according to your needs and circumstances.

Documents Required Getting a Mortgage for Contract Worker

  1. Tax invoices

Tax proof documents are solid proof of the contract workers annual salary.

  • Bank bills

Some lenders will ask you for bills for the last three months. The amount you get during the year is shown in your bank accounts.

  • Invoices

Invoices sent to your employer are continuously sent, which are considered documents related to your salary.

  • Approval received from the employer

You can provide the lender with confirmations from the employer that reflect your past and future receipts, thereby proving your receipts to the lender.


In this article, we mentioned the evaluation criteria of contract workers to get a home mortgage, and the documents required to get a mortgage were introduced. To learn more about the exact criteria for evaluating lenders and assessing your eligibility for a mortgage, you can talk to AWS Mortgage advisors to get the necessary contractor mortgage advice on terms, amount and rates. AWS Mortgage experienced advisors will also carefully discuss the documents you need to get a mortgage and make it easier for you to get a mortgage.

Ashley Slade is a Business and finance Expert and Writer at AWS Mortgages at London. We offer our clients, with diverse income streams and resources, a tailored financial solution.

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