Case Study: Contractor with 6 Months’ Experience Secures £540k Mortgage on £650k Home
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Overview
Our client, a contractor with just six months’ experience and no company accounts, was purchasing a £650k property. Paid via his own limited company, he needed a lender who would assess his income based on his contract rather than the standard self-employed method.
The Challenge
The client faced several hurdles:
Only six months of contracting experience — many lenders want one to two years.
No company accounts — he hadn’t yet completed a tax return in his limited company.
Incorrect advice elsewhere — other brokers had told him to wait until he had two years of accounts.
Required borrowing of £540k — he needed a lender who would fully recognise his day-rate income.
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Our Solution
We used our expertise in contractor mortgages to:
Approach a lender with a true day-rate contractor policy — avoiding the need for accounts or tax returns.
Evidence income using his contract and bank statements. His borrowing was calculated using the standard contractor formula:
Day rate × 5 days × 46 weeks = annual income.Secured a loan at 5 times this calculated income, achieving £540k borrowing on a £650k purchase.
Deliver a competitive rate without unnecessary delays, allowing the client to buy now rather than wait.
The Outcome
We successfully secured a £540k mortgage based solely on his day-rate income — no accounts required. By using the correct lender and formula, we made it possible for him to purchase his £650k home now, avoiding years of delay.
What Our Clients Say
What We Can Do for You
If you’re a contractor with limited experience or no accounts, we can help. By using the right lenders and income formula, we can turn your day-rate into the borrowing you need — without waiting for two years of accounts.
Request your fee free mortgage consultation today. No obligation, just sound advice.
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APPROVED BY THE OPENWORK PARTNERSHIP ON 12/08/2025