Contractor mortgage calculator
- Unleash the potential of your gross day rate income
- Limited Company and Umbrella contractors welcome
- No payslips, accounts or SA302s necessary!
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Get expert advice from one of our experienced brokers.
Mortgage affordability works differently for professional contractors. You might do the same job as your permie peers, even work the same hours. But your payment structure—whether you’re a limited company or umbrella contractor—is wholly different.
Typical Limited Company contractor assessment
If you operate through a limited company, an untrained advisor will ask to see your accounts. We know you retain profit in that company. They don’t. They’ll use your salary and drawn dividends upon which to base your mortgage affordability.
You and I know you can afford way more than that, but generic lenders’ affordability algorithms are so inflexible, your advisor won’t be able to look beyond your SA302.
The chaos of the Umbrella payslip
“But,” you say, “I’m an umbrella contractor/employee. I have payslips! Surely a lender will be able to use that!”
You’d think so, wouldn’t you? But, no.
The amount of information on an umbrella payslip—fees, bonuses, deductions—will utterly confuse an advisor or underwriter who doesn’t know what they mean.
Instead, they’ll hone in on your basic salary and use that and that alone as the basis of their affordability calculation.
That’s where we come in.
The Mortgage Quest difference
For the last twenty years, we’ve been helping mortgage lenders develop their own brand of ‘contract-based underwriting‘. This begins with your gross contract day rate, then annualises it to give, for want of a better analogy, a salary equivalent.
No accounts. No payslips. Just your ‘annualised’ gross contract rate, before any deductions.
In the calculator below, simply enter your day rate, the other information the fields call for, and then hit submit.
When you pop your eyes back in, give us a call. We’ll have a no-obligation discussion, and then approach the most appropriate lender/underwriter for your unique situation.
Enter your day rate, and watch the magic happen. We’re waiting for your call.