Contractor mortgage services

with Caroola

What are contractor mortgages?

Contractor mortgages are designed for people who work on contracts rather than in permanent, full-time jobs. Because contractors often have irregular income, it can be harder to get a standard mortgage. That’s where contractor mortgages come in.

These specialised mortgages take into account the unique way contractors earn their income, making it easier for them to buy a home. Instead of being judged by the same criteria as someone with a steady salary, contractors are assessed based on their contract history and potential earnings. This makes contractor mortgages a more suitable option for those who don’t have a traditional employment setup but still want to own a home.

Benefits of contractor mortgage services

Personalised advice

You’ll get mortgage advice that’s specifically tailored to your situation as a contractor. Our partner knows how to navigate the complexities of your financial history and will ensure that your unique circumstances are taken into account.

Access to exclusive rates

As a Caroola client, you can access special mortgage rates and deals that aren’t available to the general public. Our partner has strong relationships with lenders who specialise in contractor mortgages, helping you get better rates than you might find elsewhere.

Flexible mortgage options

Whether you’re paid through a limited company or as a sole trader, we work with lenders who understand the contractor market. This means you’ll have access to mortgage options that fit your income structure, making it easier to find a solution that works for you.

Hassle-Free process

We know that getting a mortgage can be complicated, so our partner handles all the details for you. From managing paperwork to communicating with lenders, they make sure everything runs smoothly from start to finish.

Ready to find the right mortgage?

Being a contractor shouldn't make getting a mortgage harder than it needs to be. If you're feeling unsure about where to start, we're here to help. Reach out to us today, and we'll set up a consultation with one of our expert contractor mortgage brokers. Together, we'll work to find the best mortgage option that suits your needs.

Financial planning partner

CMME and Caroola

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Get Started with a contractor mortgage broker

Contractor mortgages are designed for people who work on contracts rather than in permanent, full-time jobs. Because contractors often have irregular income, it can be harder to get a standard mortgage. That’s where contractor mortgages come in.

These specialised mortgages take into account the unique way contractors earn their income, making it easier for them to buy a home. Instead of being judged by the same criteria as someone with a steady salary, contractors are assessed based on their contract history and potential earnings. This makes contractor mortgages a more suitable option for those who don’t have a traditional employment setup but still want to own a home.

Frequently asked questions

1Do I need a larger deposit to get a contractor mortgage?
It depends on the lender and your financial situation. Some lenders may require a larger deposit, especially if your income is irregular. However, there are also lenders who accept standard deposit amounts, typically 5-20% of the property’s value.
2Which mortgage products are best for contractors?
There are various products available, including fixed-rate, variable-rate, and offset mortgages. The best option depends on your income stability, future plans, and how long you intend to stay in the property. A mortgage broker specializing in contractor mortgages can help identify the best product for you.
3Which lenders are most likely to approve my mortgage as a contractor?
Some lenders specialize in contractor mortgages and understand the nuances of contracting income. Working with a mortgage broker who has experience with contractor mortgages can help you find these lenders and increase your chances of approval.
4How does my tax situation as a contractor affect my mortgage application?
Your tax situation, such as whether you’re a sole trader or operating through a limited company, can influence how lenders view your income. Some lenders may require more detailed financial records, but a specialist broker can guide you through this process.
5Will my future earnings be taken into account when applying for a mortgage?
Yes, lenders may consider your future earnings potential, especially if you have signed contracts for ongoing work. Providing evidence of future contracts can strengthen your application and possibly improve your mortgage terms.