10 Step Guide to Getting a Contractor Mortgage

27th August 2018 / in Contractor Mortgages & Protection Blog / by Gordon Hunter, MD

The mortgage application and approval processes for larger lenders has, in the main, been created for regular employees not contractors. But getting a contractor mortgage doesn’t need to be difficult.

Many mortgage lenders are happy to work with specialist brokers who understand the financial status of their contractor clients. For a contractor, working with contractor specialist provides two key benefits; potentially access to more mortgage products and a dedicated adviser who deals directly with head office which can help to speed the up the mortgage process.

Here is our 10 step guide to getting a contractor mortgage.

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  1. Deposit

You need to save money to buy a house. Simple as that. The money you save goes towards your deposit. The minimum deposit you can usually secure a contractor mortgage is with at least 5% of the property’s value. If you’ve got an even larger deposit, it’ll make you less risky for mortgage lenders and therefore they’ll generally offer you more competitive mortgage deals with lower interest rates.

  1. Speak with an expert

It’s important to get advice from a broker that is familiar with the contracting world. A contractor mortgage broker potentially has access to more mortgage products and deals directly with head office which means they could speed up the mortgage process in a flash.

  1. House hunting

The fun bit. Now that you have a clear idea of what your affordability is, you can start searching for the house you are after.

  1. Obtain an Agreement in Principle

Provided by lenders as a statement that this is what they are prepared to lend to you. Subject to terms and conditions.

Super Contractors will guide you throughout the process prior to application.

  1. Decide on a house

Choose a suitable property that’s within your budget.

  1. Instruct a solicitor

You’ll need a solicitor for your purchase.

  1. Provide documents

You supply your contractor mortgage broker with the documents. This could be bank statements, proof of address, current contract, etc. Required for your mortgage broker to proceed with your mortgage. Once received we’ll submit your mortgage application.

For detailed information check out 5 Documents You Need for Your Contractor Mortgage

  1. Mortgage application

The lender checks the mortgage application, ensuring it matches up with their criteria.

  1. Mortgage offer

Mortgage offer is issued. Solicitors from both sides exchange formal letters (missives) which sorts out final details. Once both parties are satisfied, missives are signed (concluding the missives) and now a legally binding contract.

  1. Home Insurance

As part of your mortgage offer you will need to have your home insurance in place. This ensures your house is protected in case of fire, flood, storm-damage & break-in.

Don’t forget… Life Protection

Ensuring your property is protected in case the worst was to happen to you is key. Could your family survive without your income if you suffered from illness, injury or death?

For more information about getting a contractor mortgage, speak to our expert mortgage advisers. Freephone 0800 211 8700 or fill in our online enquiry form.


Your home may be repossessed if you do not keep up repayments your mortgage.

This firm charges a fee of up to £395 for mortgage advice. The fee will depend on your circumstances and will be discussed and agreed with you at the earliest opportunity.

Lifetime Finance Group Limited trading as Super Contractors is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.

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