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reassure the UK’s freelance and contracting workforce that they can access a mortgage.

ContractorFinancials, which provides specialist independent financial advice to freelancers and contractors, has responded to research carried out by the Association of Independent Professionals and the Self-employed (IPSE) into mortgages and the self-employed to reassure the UK’s freelance and contracting workforce that they can access a mortgage. The message comes as Contractor Financials celebrates its busiest ever month, having helped some 299 contractors and freelancers secure mortgages.

Tony Harris is MD and founder of Contractor Financials. He and his team of expert mortgage advisers have helped some 22,000 contractors and freelancers since the company was set up in 2002.

Some of the findings revealed that two in five self-employed people (38%) are concerned they’ll never get a mortgage because they work independently and 45% believe mortgage providers do not want them as customers with 61% believing it is difficult to get a mortgage at all.

Commenting on IPSE’s findings, Tony Harris said: “I am pleased to be able to dispel the myths highlighted in IPSE’s study as far as our professional contractors clients are concerned. We negotiated our first annualised contract based underwriting with a high street lender fifteen years ago. Since then other lenders have followed suit and now banks and building societies recognise contractors as very strong candidates for mortgages. With contract based underwriting, freelancers can avoid the need to provide three years’ worth of accounts or rely on SA302’s or umbrella payslips because the lender will base mortgage affordability on a multiple of their annualised contract rate alone. This means that contractors can secure a mortgage from day one of their first contract. There are now a wide range of lenders to choose from on this basis.

“Contractors should simply speak to a specialist firm to secure a contractor mortgage because approaching a lender direct or dealing with a less specialist adviser is likely to force you down the accounts route because the adviser may not fully understand your unique employment status.

“If a self-employed applicant doesn’t have a formal ‘contract’ in place that states how much they will be paid and for how long, they will then need to use company accounts, SA302s or umbrella payslips to prove their income. Typically, lenders will need to see between one and three years accounts. Unfortunately, this can limit the amount that the applicant can borrow because the lender will assess affordability based on net income, however there is no reason why the lender will shy away from lending to you simply because of your self-employed status. We have helped hundreds of freelancers and self-employed IPSE members to secure a mortgage and many are surprised by how open minded lenders can be. The key is to prepare your application properly and ensure that you are giving yourself the best chance of acceptance. This will help to ensure that your application ticks all the right boxes before it lands on a mortgage underwriter’s desk.”


For further information:
Michele Bayliss
PR Consultant
Tel: 01273 475672


Emilie Heaney
Marketing Manager
Tel: 0333 370 8888

About ContractorFinancials:

Contractor Financials has helped over 22,000 clients to achieve their financial goals and make the most of their contract income since MD Tony Harris set up the company fifteen years ago. Since then, Contractor Financials has grown to be the largest Contractor Mortgage broker with 70 employees. The company prides itself on providing the highest standard of personal financial advice to its clients with 98.5% saying they would recommend Contractor Financials to a friend.

Contractor Financials specialises in Contractor Mortgages which allow a contractor to borrow based on a multiple of his or her contract rate alone. The company also offers a full financial review service and has a wealth of experience in helping contractors to maximise the tax benefits associated with pension investments. Contractor Financials also has an award winning protection team that can help with life cover, income protection, critical illness insurance and private medical insurance. Unlike more traditional IFA’s, Contractor Financials rarely need to see clients face to face, managing the entire process via phone, email and post which saves clients time so that they can concentrate on the needs of their own client.

This press release was distributed by ResponseSource Press Release Wire on behalf of Michele Bayliss PR in the following categories: Personal Finance, Business & Finance, for more information visit