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My Contractor Mortgage

Contractor mortgages, from the day rate.

Inside IR35 and outside IR35. Day rate first.

Inside IR35 you are usually paid by an umbrella or through agency payroll. Outside IR35 you invoice through your own limited company. Both can be mortgaged. The illustration starts with day rate × 5 × 46.

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My Contractor Mortgage is a trading style of My Financial Services Group Limited. Authorised and regulated by the FCA. Reference 717338.

Quick calculator

Applicant 1 is a day rate. Applicant 2, if there is one, can be an annual income or a day rate.

Applicant 1

Applicant 2

Your figures

A first look.Start your journey in 3 easy steps.

Income in step 1, the loan in step 2, stamp duty in step 3. A day rate is annualised as day rate × 5 × 46. Every result is an illustration, not a mortgage offer and not what a lender will advance.

Step 1

Income

Applicant 1 — how are you paid?

Applicant 2

Purchase or remortgage?
First-time buyer or homemover?
Applicant 1 annualised
—
Total income
—

Enter a day rate. The annual figure is what the income multiple uses. First-time buyer or homemover selects the sample rate set, and the matching stamp duty.

Step 2

Borrowing

Deposit
—
Loan to value
—
Income multiple
—
Rate
—
Repayment monthly
—
Interest-only monthly
—

Add a property value, loan and term. The rate is taken from the sample table below.

Total monthly
—

Step 3

Stamp duty

The price comes from step 2. England and Northern Ireland only. First-time buyer or homemover follows step 1. Additional property is the only choice you make here.

Purchase price
—
Who is buying?

Add a purchase price in step 2 to illustrate stamp duty.

Stamp duty due
—

Sample only

Sample rates for this loan-to-value

These rows are a sample, so the table can be used. They are not contractor rates. A contractor rate sheet has not been loaded, and residential high-street rates are not shown here.

Each group shows the lowest sample rate with a lender fee and the lowest sample rate with no fee, where both exist. The groups are 2-year fixed, 3-year fixed, 5-year fixed and 2-year tracker. Only the next loan-to-value band up is shown. The lowest pay rate is selected to start. Choose another row and step 2 uses that rate.

Add a property value and loan amount in step 2 to see the sample rates.

  • The client’s loan-to-value is matched to the next band up. A lower band they cannot have is left out, and so is a higher band.
  • Inside or outside IR35 is recorded with the enquiry. It does not switch these sample rows. An additional-property choice changes stamp duty only.
  • The monthly figure uses the term and the repayment split, at the selected initial rate, for the whole term. A fixed or tracker rate will not last the whole term. The product fee is not added to the loan.
  • This is an indication of how the table works. It is not evidence that you qualify, and it is not a rate you can apply for.

Annualised income

—

Deposit

—

LTV

—

Income multiple

—

Repayment monthly

—

Interest-only monthly

—

Total monthly

—

Stamp duty

—

How you are paid

Inside IR35 or outside IR35

Umbrella / payroll

Inside IR35

Paid by an umbrella company or through agency payroll. The contract rate and the payslip are not the same number. Lenders that use the gross rate, and lenders that want the payslip, are different routes.

How inside IR35 works

Limited company

Outside IR35

You invoice through your own limited company. Salary and dividends can understate the day rate, especially if profit stays in the company. Some lenders use the contract. Some want the accounts.

How outside IR35 works

What we arrange

Mortgages for contractors

Inside IR35

Umbrella or payroll. The total gross pay on the payslip is what is typically used, after the company has taken its cut.

Read more

Outside IR35

Your own limited company. The daily rate usually gives the highest loan, with no umbrella or payroll fees to account for.

Read more

First-time buyer

A first home, with a contract rather than a salary as the starting point.

Read more

Moving home

The next purchase, including a let-to-buy where you keep the current property.

Read more

Remortgage

A deal ending, a rate switch with your current lender, or capital raised.

Read more

Buy to let

A rental in your own name, assessed on the rent as well as the contract.

Read more

Process

How it works

  1. 01

    The contract

    Day rate, inside or outside IR35, how you are paid, and how long is left. A short call or an email is usually enough to see whether we can help.

  2. 02

    The market

    We are not tied to one lender. Some will use a contract rate. Some want payslips or accounts. We compare those routes rather than forcing the income into a salary shape.

  3. 03

    A recommendation

    You get the options, the costs and an illustration. The figures on this website are not that recommendation.

  4. 04

    Application to offer

    We prepare the case, chase the underwriter and keep you and your solicitor updated.

  5. 05

    Offer to completion

    Once the offer is out, we stay on it. Solicitors, agents and the lender still need a point of contact.

Full process

Ready when you are

Send the day rate, whether you are inside or outside IR35, and what you want to do. We will tell you whether we can help. Call 0204 551 2123 or email enquiries@mycontractormortgage.co.uk.

Enquire