Contractor with 6 Months’ Experience Secures £540k Mortgage on £650k Home
DIRECTOR AND MORTGAGE ADVISER
Specialist broker for high-earning professionals and complex income cases.
Request your fee free mortgage consultation today. No obligation, just sound advice.
Overview
Our client, a contractor with just six months’ experience and no company accounts, was purchasing a £650k property. Paid via his own limited company, he needed a lender who would assess his income based on his contract rather than the standard self-employed method.
The Challenge
The client faced several hurdles:
Only six months of contracting experience — many lenders want one to two years.
No company accounts — he hadn’t yet completed a tax return in his limited company.
Incorrect advice elsewhere — other brokers had told him to wait until he had two years of accounts.
Required borrowing of £540k — he needed a lender who would fully recognise his day-rate income.
Speak To An Expert Today
Whatever it is, the way you tell your story online can make all the difference.
Our Solution
We used our expertise in contractor mortgages to:
Approach a lender with a true day-rate contractor policy — avoiding the need for accounts or tax returns.
Evidence income using his contract and bank statements. His borrowing was calculated using the standard contractor formula:
Day rate × 5 days × 46 weeks = annual income.Secured a loan at 5 times this calculated income, achieving £540k borrowing on a £650k purchase.
Deliver a competitive rate without unnecessary delays, allowing the client to buy now rather than wait.
The Outcome
We successfully secured a £540k mortgage based solely on his day-rate income — no accounts required. By using the correct lender and formula, we made it possible for him to purchase his £650k home now, avoiding years of delay.
What We Can Do for You
If you’re a contractor with limited experience or no accounts, we can help. By using the right lenders and income formula, we can turn your day-rate into the borrowing you need — without waiting for two years of accounts.
See our guide to complex and self-employed income mortgages →
Request your fee free mortgage consultation today. No obligation, just sound advice.
Related Case Studies
YOUR HOME MAY BE REPOSESSED IF YOU DON’T KEEP UP REPAYMENTS ON YOUR MORTGAGE
Kite Mortgages is a trading style of Kite Financial Ltd which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
APPROVED BY THE OPENWORK PARTNERSHIP ON 12/08/2025