Are you a contractor living in Aberdeen and wondering whether you can get a mortgage? The short answer is yes – but the process is different compared to permanent employees. Whether you’re in oil and gas, IT, construction, or any other contract-based role, there are mortgage lenders who understand your situation and can offer flexible solutions.
As an independent mortgage broker based in Aberdeen, we specialise in helping local contractors and self-employed professionals secure competitive mortgage deals – even if you've been turned down by a high street bank.
In this guide, we’ll explain how contractor mortgages work in the UK, what lenders look for, and how to improve your chances of getting approved.
Can Contractors Get a Mortgage in the UK?
Yes – contractors can get mortgages, even without a permanent employment contract. While some lenders view contract work as higher risk, many others are more flexible and assess your income based on your day rate or contract value instead of payslips.
As a mortgage broker in Aberdeen, we work with a wide range of specialist and high street lenders who regularly approve mortgage applications from contractors.
How Do Lenders Assess Contractor Mortgages?
When applying for a contractor mortgage in Aberdeen – or anywhere in Scotland – most lenders will look at a few key areas:
1. Contract Terms
Most lenders base their affordability assessment on your current daily or hourly rate. You’ll usually need to provide:
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A copy of your current contract
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The start and end dates
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Confirmation of contract renewals or extensions
Annual income is often calculated as:
Day rate × 5 days × 46 or 48 working weeks
2. Contracting History
Lenders want to see stability. Ideally, they like:
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12+ months of contracting experience, or
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A strong employment history in the same industry before contracting
3. Trading Structure
Whether you're operating as a limited company, sole trader, or through an umbrella company, lenders will assess your income differently. For example:
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Limited company contractors may need to show accounts and tax returns
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Umbrella company workers are often treated like PAYE employees
4. Credit History
While poor credit doesn't automatically disqualify you, it may limit your options. As a broker, we can advise on which contractor-friendly lenders are open to applicants with lower credit scores.
What Documents Do Contractors Need to Get a Mortgage?
To support your mortgage application, you’ll typically need to provide:
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Your current signed contract
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Bank statements (usually 3 to 6 months)
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Proof of ID and address
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SA302s or HMRC tax calculations (if self-employed)
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Company accounts (if applicable)
Want to know exactly what applies to you? Book a free consultation with our Aberdeen mortgage adviser and we’ll guide you through it.
Example: How Much Can a Contractor Borrow?
Let’s say you’re a contractor in Aberdeen earning £400 per day, working five days per week.
Most lenders would estimate your annual income as:
£400 × 5 days × 46 weeks = £92,000
Based on this, you might be eligible for a mortgage of up to £350,000–£400,000, depending on your deposit, credit history, and other financial factors.
Why Use a Local Mortgage Broker in Aberdeen?
Many contractors in Aberdeen – especially those in sectors like oil and gas or engineering – are declined by high street banks simply because their income doesn’t fit traditional employment models.
Here’s how we can help:
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Access to contractor-specific mortgage lenders
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Expert guidance tailored to your working structure
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Local knowledge of the Aberdeen housing market
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Support with paperwork and affordability assessments
Working with a local broker means you get advice based on your industry, your income, and your location.
Book a Free Contractor Mortgage Consultation in Aberdeen
Whether you're buying your first home, moving house, or looking to remortgage, we can help you find the right mortgage as a contractor.
Get in touch today to:
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Find out how much you can borrow
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Compare the latest contractor mortgage rates
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Avoid common mistakes that lead to mortgage refusals