Can Contractors Get a Mortgage Without Accounts?

Can Contractors Get a Mortgage Without Accounts?

Blog Article

Understanding the Common Myth
Many contractors believe they need 2–3 years of accounts to be eligible for a mortgage. While that might be true for traditional self-employed applicants, it’s not always the case for contractors. In fact, some lenders offer contractor-specific mortgage products that don’t require full business accounts at all.

What Do Lenders Look For Instead?
If you’re a day-rate contractor, many contractor-friendly lenders will assess your income based on your current contract, not company accounts. They’ll calculate your gross annual income using your day rate (e.g., £400/day × 5 days × 46–48 weeks), which often results in a higher borrowing amount compared to traditional methods.

This approach works best if you:

Have at least 6–12 months of contracting experience

Can provide a current contract

Have a strong credit history

Limited Company Contractors vs Sole Traders
Limited company contractors may be able to avoid showing retained profits or salary/dividends altogether, depending on the lender. Sole traders, however, may still need to show tax calculations or some form of income evidence. That’s why choosing the right lender is key—and something Contractor Mortgage Solutions can help with.

How to Improve Your Chances
To improve your mortgage prospects without full accounts:

Maintain a consistent contracting history

Keep personal and business finances separate

Avoid large gaps between contracts

Work with a specialist mortgage advisor who knows the contractor market

We’re Here to Help
At Contractor Mortgage Solutions, we help contractors secure mortgages even without full accounts. We work with lenders who understand your profession and can offer flexible solutions based on your contract income.

Don’t let the lack of accounts hold you back. If you're ready to buy a home or remortgage, get in touch with us today—we’ll guide you through every step.