Case Studies

Our client was an IT contractor operating through an umbrella company who had recently secured a new contract extension. Although they had been contracting successfully and earning a strong day rate, obtaining finance proved more difficult than expected.

Many mainstream lenders focused primarily on payslips, bank statements, and the client's limited contracting history. As a result, they failed to recognise the client's true earning capacity. The umbrella company structure further complicated matters, with affordability assessments often based on net income rather than the contract value itself, significantly reducing the number of suitable lending options available.

After reviewing the client's circumstances, we identified specialist lenders with experience in contractor mortgages and a better understanding of contract-based income. By presenting the case correctly and highlighting the client's day rate, contract renewal, and industry experience, we secured a lender that assessed affordability using contractor-specific criteria.

Because the client had been working under the same industry contract structure for more than 12 months and had over six months remaining on their current contract, we were able to demonstrate income stability and secure the finance required for their property purchase.

This case highlights the importance of working with lenders who understand contractor income, as the right lender can significantly increase borrowing potential and improve the chances of a successful application.