Contractor mortgage services

with Parasol

What are contractor mortgages?

Contractor mortgages are specially designed for individuals who work on contracts rather than having permanent, full-time jobs. Since contractors often have an irregular income, getting a standard mortgage can be more challenging. That’s where contractor mortgages come in.

These mortgages are tailored to fit the unique way contractors earn their income, making it easier for them to buy a home. Instead of being evaluated like someone with a steady salary, contractors are assessed based on their contract history and potential future earnings. This makes contractor mortgages a better fit for those who don’t have a traditional job but still want to own a home.

Benefits of contractor mortgage services

Personalised advice

You’ll receive mortgage advice tailored specifically to your situation as a contractor. Our partner understands the complexities of your financial history and ensures your unique circumstances are taken into account.

Access to exclusive rates

As a Parasol employee, you gain access to special mortgage rates and deals that aren’t available to the general public. Our partner has strong connections with lenders who specialise in contractor mortgages, helping you secure better rates than you might find elsewhere.

Flexible mortgage options

As a Parasol employee, we work with lenders who understand the contractor market. This means you’ll have access to mortgage options that fit your income structure, making it easier to find a solution that works for you.

Hassle-free process

We know that getting a mortgage can be complicated, so our partner takes care of all the details for you. From managing paperwork to communicating with lenders, they make sure everything runs smoothly from start to finish.

Ready to find the right mortgage as a contractor?

Finding the right mortgage can be tricky, especially if you're a contractor. That's why it's important to have experts who really know what they’re doing. Contractor Mortgage Services, our trusted partner, has been recognized for their outstanding work in the financial world. They have extensive experience and a deep understanding of mortgages specifically for contractors. Paired with Parasol’s strong focus on employee satisfaction, you can be confident that you're getting the best help available.

Our mortgage partners

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Get started with a contractor mortgage broker

Finding the right mortgage can be tricky, especially if you're a contractor. That's why it's important to have experts who really know what they’re doing. Contractor Mortgage Services, our trusted partner, has been recognized for their outstanding work in the financial world. They have extensive experience and a deep understanding of mortgages specifically for contractors. Paired with Parasol’s strong focus on employee satisfaction, you can be confident that you're getting the best help available.

Frequently asked questions

1How does my irregular income as a contractor affect my mortgage application?
Lenders typically assess your average income over a period, usually 1-3 years. They'll look at your contract history and any gaps in employment to determine your ability to repay the loan.
2I’ve only been contracting for a short time. Will this impact my chances of getting a mortgage?
Yes, a shorter work history can make it more challenging to secure a mortgage, but some lenders are more flexible. They may require a longer history or higher deposit, but specialized mortgage brokers can help you find lenders who accept shorter contracting periods.
3Am I eligible for a contractor mortgage, or should I look into a standard mortgage?
Contractor mortgages are specifically designed for people with non-traditional income streams. If you’re working on contracts rather than being permanently employed, a contractor mortgage is likely more suitable and could offer more favourable terms.
4Will I have to pay higher interest rates because I’m a contractor?
Not necessarily. While some lenders may see contractors as higher risk, there are specialized lenders who offer competitive rates to contractors, especially if you have a strong contract history and financial stability.
5What documents do I need to provide when applying for a contractor mortgage?
Typically, you’ll need to provide your current contracts, past contracts (usually covering 1-3 years), bank statements, tax returns, and possibly references from clients. Each lender may have slightly different requirements.