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Daily Rate (£) | Annualised Income (£) | Potential Mortgage Borrowing (£) |
350 | 84,000 | 378,000 |
400 | 96,000 | 432,000 |
450 | 108,000 | 486,000 |
500 | 120,000 | 540,000 |
550 | 132,000 | 594,000 |
600 | 144,000 | 648,000 |
Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.
Your Results:
You could borrow up to
Most lenders would consider letting you borrow
This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.
Some lenders would consider letting you borrow
This is based on 4.75 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.
A minority of lenders would consider letting you borrow
This is based on 5.5 times your household income, a salary multiple you will struggle to get without a broker. 5.5 times salary mortgages are usually only available under very specific circumstances.
Get Started with an expert broker to find out exactly how much you could borrow.
Get StartedGet expert advice immediately if…
If one or more of the above apply to you, it’s important to get expert advice before making an application. The right broker can help maximise your chances of approval based on your circumstance.
A specialist mortgage broker can be instrumental in your mortgage quest. With in-depth knowledge of the market and access to contractor-friendly lenders, they can steer you towards the best deals and navigate the complex income assessments that accompany a mortgage for contractors.
Eligibility criteria for an IT contractor mortgage can vary between lenders. Generally, you’ll need to provide proof of your contract rate, show consistency in your work, and often have at least a year’s worth of contracts behind you. Some lenders may require a larger deposit or offer less competitive rates, but a specialist broker can help you find a lender whose criteria you meet.
Based on a mortgage of £300,000 at 75% LTV and 25 years
Speak with Us | Interest Rate | Mortgage Type | Monthly Repayment Amount | Total Fees | Max LTV |
---|---|---|---|---|---|
3.79% | Fixed | £1,174 | £335 | 75% | |
3.86% | Fixed | £1,178 | £1,499 | 75% | |
3.89% | Fixed | £1,180 | £1,025 | 75% | |
3.89% | Fixed | £1,180 | £1,079 | 75% |
Securing a mortgage as an IT contractor doesn’t have to be a herculean task. With the right advice, lender, and broker, you can navigate the mortgage maze and find your way to a new home. If you’re ready to take the next step or need tailored advice, contact Ascot Mortgages at 01925 711558 or [email protected]. Your dream home may be closer than you think.
Alison Gibson is a seasoned mortgage expert at Ascot Mortgages, specialising in providing bespoke mortgage advice to professionals across the UK. To find your match and start your journey towards your ideal mortgage, you can reach out to us directly at 01925 711558 or send an inquiry through our online platform.
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Legal
Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £599 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £1299 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT
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