Contractors
Some lenders may assess a contractor on their day rate rather than their accounts, typically day rate x 5 days x 46 weeks. With the right lender, that could mean a much higher income figure, subject to criteria. Quanstrom Financial is a whole-of-market broker that knows which lenders may do this.
Written by Toby Quanstrom, Director, Quanstrom Financial · 6 November 2026
Contractor criteria checked across ten lenders on 27 October 2026. Every case is different.
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Why use a broker
Most lenders put contractors through their standard self-employed process: two years of tax calculations, averaged, after expenses. If you contract through a limited company, you may be assessed on the salary and dividends you draw instead. Either way, the figure can be far below what your contract is worth.
Lenders that assess your day rate are a smaller group, and each sets its own rules on contract history, gaps and minimum income. A broker who works with contractors regularly can tell you which may suit you before you apply, rather than after a lender says no.
Who we help
Every contract is different. These are some of the situations Quanstrom Financial helps with most.
Read our guide: contractor mortgages, 10 lenders comparedIT contractors, engineers, project managers and consultants on a set day rate, through a limited company or an umbrella.
Being inside IR35 or paid through an umbrella company doesn't rule you out. Lenders usually work from your income after deductions.
Some lenders may consider you with less than 12 months of contracting if you have a track record in the same field.
Construction Industry Scheme workers, usually assessed on gross CIS income rather than a day rate.
How we help
We start with your day rate, your contract history and how you're paid, then match you to lenders that may assess it in the way that suits you.
Some lenders may annualise your contract value, typically day rate x 5 days x 46 weeks, rather than relying on what you draw or what your tax return shows.
Lenders may average 3, 6 or 12 months of CIS invoices, so the right choice can depend on the time of year you apply.
CIS contractor mortgagesLenders expect gaps and set their own limits, commonly six to eight weeks. Some reduce the weeks they use rather than declining.
Contractor applications tend to get more questions. We explain your contracts to the lender up front, so the underwriter sees the full picture.
What you may be able to borrow depends on your circumstances and lender criteria.
How it works
Five steps from your first call to completion. Quanstrom Financial handles the paperwork along the way.
Tell us your day rate, how long you've been contracting and how you're paid. We'll explain which lenders may use your contract value.
Usually your current and previous contracts, recent bank statements and sometimes a CV. The exact list depends on the lender.
We compare 90+ lenders and recommend a mortgage that suits how you're paid, explaining why.
Jessie submits your application and keeps it moving with the lender until your mortgage offer is issued.
Your solicitor completes the legal work, and you move in or your new deal starts.
Day rate to income
Lenders that use the contractor route look at what your contract is worth over a year, not what your business declared. The number of weeks they use varies, and the difference matters.
Most use day rate x 5 days x 46 weeks, which builds in around six weeks for holidays and gaps. Coventry uses 41 weeks, while Kensington uses 48 weeks of your weekly rate.
At £450 a day, 46 weeks gives £103,500 of assessable income. The same contractor assessed on two years of averaged net profit might show around £55,000. At 4.5 times income, that's roughly £465,750 against £247,500.
Illustration only, not a quotation. Lending depends on affordability, your circumstances and lender criteria.
Your advisers
You'll deal with the same small team from your first call through to completion.
Director and Mortgage Adviser
Over a decade in mortgages and protection, from high-street banks to a corporate brokerage, before setting up Quanstrom Financial. He works with contractors on how lenders read day rates, umbrella pay and contract history.
Speak to Toby →
Mortgage and Protection Adviser
Will spent over a decade as an estate agent in Eastbourne before becoming a mortgage adviser, so he understands the buying process from both sides.
Speak to Will →
Case Manager
Known to clients as Jessie, she manages every application from submission to completion, keeping you, your solicitor and your estate agent up to date.
Why Quanstrom Financial
One of the many things that sets him apart is immediately understanding the key elements of my situation and applying his expertise to find a rapid solution.
Dan C., about TobyCalculator
Enter your day rate to see how it could annualise, and what that might support at different income multiples. The figures are illustrations only.
[[calc:cisdayrate]]
Worked example: a contractor on £500 a day, 5 days a week and 46 weeks a year would be assessed on £115,000. At 4.5 times income that could support around £517,500 of borrowing, subject to affordability and the lender's criteria.
Want to see how lenders may read your contract? An adviser can check it for you.
Illustration only, not an offer of credit. Most lenders work around 4.5 times income; higher multiples depend on the lender and your circumstances.
Local and nationwide
Quanstrom Financial is based in Eastbourne and advises contractors across East and West Sussex, Kent, London and the rest of the UK by phone and video, or in person by arrangement.
Can't see your question? Call us on 01323 364432 or book a free consultation.
Yes. With the right lender you may be assessed on your contract value rather than your accounts, which often supports a higher loan than standard self-employed criteria would.
Most lenders multiply your day rate by five days and then by 46 working weeks, which allows for holiday and gaps between contracts. Kensington uses 48 weeks of your weekly rate, while Coventry uses 41 weeks.
There is no universal minimum. Virgin Money applies no minimum income and Skipton publishes no minimum day rate, while Accord starts at £300 a day or £50,000 a year and NatWest's day rate route at £75,000 a year. Criteria change, so we'll confirm what currently applies.
It varies. Accord looks for six months of contracting, many lenders want 12 months, and some may consider less if you have an established track record in the same field.
As an illustration, a £500 day rate over 46 weeks gives an assessable income of £115,000, and at 4.5 times income that could support around £517,500, subject to affordability and the lender's criteria.
It's common for contractors assessed on their accounts. Other lenders may use your contract value instead, and a free contractor income check shows which may suit you.
A short call or video chat with Toby or Will. We'll ask your day rate, how long you've been contracting and how you're paid, then explain which lenders may suit you and roughly what they could consider. There's no obligation.
It doesn't stop you getting one. Inside IR35 you're usually paid through an umbrella company or the client's payroll, so lenders generally work from your income after deductions. Outside IR35, lenders with a contractor policy can work from your day rate.
Yes. Quanstrom Financial arranges contractor mortgages across the UK by phone and video, and in person by arrangement.
Fees vary depending on your circumstances - get in touch and we'll explain any costs clearly before you proceed. Your first consultation is free and there's no obligation.
Not usually. Lenders expect gaps and set their own limits, commonly six to eight weeks, and some reduce the weeks they use rather than declining.
Tell us your day rate, how long you've been contracting and how you're paid. We'll explain which lenders may assess your contract value and roughly what you could borrow. It's free, and there's no obligation.
or call 01323 364432
Accountant? Refer a contractor client
Your home may be repossessed if you do not keep up repayments on your mortgage.
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