Fixed Term Contractor Mortgages London

Many mortgage lenders offer solutions for fixed-term contractors, but proving income stability is key. At Home Guru, we specialize in helping contractors secure competitive mortgage deals based on your earnings. Contact us to know more about fixed-term contractor mortgage in London.

Whether you work in IT, construction, healthcare, or finance, our expert brokers can find a lender that recognizes your contract income.

Ready to speak to a Free Mortgage Broker?

Get Free expert Mortgage advice from a mortgage broker you can trust!

How to Get a Fixed-Term Contractor Mortgage in London

Lenders assess contractors differently than salaried employees. To improve approval chances, you’ll typically need:

12+ months contracting experience (or a strong industry background)
A current contract with at least 6 months remaining
Evidence of past contracts or extensions to show ongoing work
Three months’ bank statements showing income deposits
A strong credit score to access better rates

Even if you’ve recently switched to a fixed-term contract, we can match you with lenders offering day rate mortgages or flexible underwriting criteria.

Best Lenders for Fixed-Term Contractor Mortgages

We work with specialist mortgage lenders who understand the nature of contract work. Some lenders assess income based on:

Day rate x 46 weeks (for IT & professional contractors)
Annualized earnings from past contracts (for construction & freelance workers)
Payslips or umbrella company statements (for agency workers)

Popular lenders include:

Halifax – Flexible for IT & finance contractors
Santander – Accepts fixed-term contract renewals as proof of income
Nationwide – Prefers a minimum 12-month contract history
We’ll assess your situation and negotiate the best deal tailored to your contract type.

Mortgage Deposit & Affordability for Contractors

Lenders typically require:

5-10% deposit for standard contractor mortgages
15-20% deposit for those with irregular contract history
Higher income multiples (up to 5x earnings) for strong applications

Concerned about affordability? Our mortgage affordability calculator helps estimate your borrowing potential.

What If You’re a First-Time Buyer on a Fixed-Term Contract?

First-time buyers may find securing a mortgage more challenging, but options exist. Some lenders accept:

Shorter contract histories
Higher loan-to-value (LTV) mortgages
Government schemes like Shared Ownership

If you’re buying in London, we’ll ensure you find the best deal based on your employment history.

Self-Employed Contractors vs. Fixed-Term Contracts

If you’re a self-employed contractor, lenders may require:

2+ years of accounts (some accept 1 year)
SA302 tax calculations
Proof of retained profits & dividends (Ltd company directors)

Not sure which category you fit into? We can help determine the best lender for your situati

Explore Our Services

Discover tailored mortgage solutions designed to meet your unique needs, whether you're buying your first home, investing in property, or remortgaging for a better deal.

Ready to Get Started?
Contact Us Today for Free Advice in London!

By clicking Submit you agree for us to contact you to discuss your mortgage needs. To see full details on how we process your personal data, please see our privacy policy.*

What Our Clients Say About Their Fixed-Term Contractor Mortgage London Experience

Frequently Asked Questions About Fixed-Term Contractors Mortgages in London

Can I get a mortgage with less than 12 months on my contract?

Yes, some lenders accept 6 months remaining, but a strong track record of contract renewals helps.

How do lenders calculate mortgage affordability for contractors?

Many use your day rate x 46 weeks, while others average your annual earnings.

What stamp duty will I pay?

Use the Gov.uk Stamp Duty Calculator to check your costs.

Do I need a larger deposit as a contractor?

A 10% deposit is common, but some lenders accept 5% deposits if your income is stable.

What does a mortgage broker do, and how can Home Guru help me?

Is using a mortgage broker free with Home Guru?

Can you help first-time buyers in London?

How do lenders assess my income?

Can I get a mortgage in London if my income fluctuates?

What is a Agreement in Principle in London?

A agreement in principle in London (also known as an decision in principle) is a conditional offer from a lender stating how much they are willing to lend you based on your financial circumstances. While it is not a guarantee of a mortgage, it shows sellers in London that you are a serious buyer with potential financing.

How Long Does the Mortgage Application Process Take in London?

The mortgage application process in London can take about a week, depending on the complexity of your situation and the lender’s requirements. It involves submitting documentation, undergoing a credit check, and waiting for the lender’s approval.

Do you work with buy-to-let investors in London?

Yes, we offer tailored mortgage solutions for buy-to-let investors in hotspots like Peckham (SE15) and Leyton (E10). Whether you’re a first-time landlord or expanding your portfolio, we’ll help you find the best financing options.

Why choose Home Guru over other mortgage brokers in London?

What Areas in London Do You Serve

We provide mortgage advice to first time buyers across all London postcodes, including Acton, Canary Wharf, Chelsea, Richmond, and more. Whether you’re looking to buy in North, South, East, or West London, Home Guru has local expertise to help you find the best mortgage deal. we proudly extend our expert mortgage assistance and advice across London including the following areas:

Acton W3
Barking & Dagenham IG11
Barnet EN4 & EN5
Battersea SW8 & SW11
Bayswater W2
Bexley DA5
Bexleyheath DA7
Brent Cross & Hendon NW4
Broxbourne EN10
Camden NW1
Canary Wharf E14
Canning Town E16
Chelsea SW3 & SW10
Chigwell & Hainault IG6 & IG7
Chiswick W4
Clapham SW4
Clayhall IG5
Colindale & Kingsbury NW9
Cricklewood, Dollis Hill, Childs Hill, Willesdan & Neasden NW2
Croydon CR0
Dagenham RM8, RM9, RM10
Ealing Broadway W5
Edmonton Green N9
Edmonton N9
EN6 Potters Bar
Enfield EN1, EN2 & EN3
Fulham SW6
Grays RM16, RM17 & RM20
Greenwich SE10
Hackney E8
Hampstead & Swiss Cottage NW3
Harlesden, Kensal Green & Wilesden NW9
Hayes UB3,
Herne Hill SE24
Hertford SG14
Hoddesdon EN11
Holland Park W11
Holloway N7
Hornchurch RM11 & RM12
Hornsey N8
Islington N1
Kensignton W8, W11, W14, SW5 & SW10
KIlburn, Queens Park & West Hampstead NW6
Lambeth & Southwarl SW2
Loughton IG10
Muswell Hill N10
Notting Hill W11
Peckham SE15
Purfleet RM19
Rainham RM13
Richmond TW9, TW10, TW11
Romford RM1, RM2, RM3, RM4, RM5, RM6, RM7
South Ockendon RM15
SouthGate N14
St Albans Al1
Stevenage SG1 & SG2
Stratford E15
Thamesmead SE28
Tilbury RM18
Tooting Broadway SW17
Upminster RM14
Waltham Abbey EN8 & EN9
Waltham Cross EN7 & EN8
Walthamstow E17
Wandsworth SW18
Wimbledon SW19
Woodford Green IG8

Leyton E10

What Fees Are Involved in Getting a Mortgage in London?

Common fees associated with obtaining a mortgage in London include arrangement fees, valuation fees, and legal fees. Some mortgages also have early repayment charges or exit fees. It’s important to understand all costs upfront to avoid any surprises when buying in London.