mylocalmortgageadvisor

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Trusted London Mortgage Advisor

Looking for a trusted London mortgage advisor? At My Local Mortgage Advisor, we connect you with experienced professionals who understand the local property market. Whether you're a first-time buyer, remortgaging, or investing, our advisors provide tailored guidance to help you secure the right deal. Get expert support every step of the way with My Local Mortgage Advisor—your local partner for smarter mortgage decisions in London.

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Buy to Let mortgages in London - My Local Mortgage Advisor 

Looking to invest in rental property? My Local Mortgage Advisor specialises in Buy to Let mortgages in London, helping landlords and investors secure the best deals. Whether you're a first-time landlord or expanding your portfolio, we provide tailored mortgage advice to match your goals. With access to a wide range of lenders, we make the process simple and stress-free. Get expert guidance and maximise your rental investment with us today!

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Navigating Day Rate and Subcontractor Mortgages in the UK: A Guide for Self-Employed Workers

In today’s flexible working landscape, more professionals are embracing self-employment through day-rate contracts and subcontracting roles. From IT consultants to construction specialists, the appeal of autonomy and income potential makes self-employment a desirable choice. But while the freedom is empowering, securing a mortgage as a day rate contractor or subcontractor can feel like an uphill battle—especially when lenders apply rigid criteria designed for traditional employees.

At My Local Mortgage Advisor, we specialise in helping self-employed individuals—like you—navigate the mortgage maze with confidence. If you're a day rate contractor or subcontractor thinking about buying a home or refinancing, here’s everything you need to know.

What is a Day Rate or Subcontractor Mortgage?

A day rate mortgage is tailored for professionals paid on a daily basis rather than through a fixed salary. Common in fields like IT, engineering, oil & gas, and finance, this type of work often comes with short-term contracts that renew periodically.

Subcontractor mortgages, on the other hand, typically apply to those working under a contractor, especially in trades like construction. These individuals are self-employed but often have a steady flow of income through repeated contracts with the same company.

Lenders used to see these arrangements as risky due to inconsistent income. But as self-employment has grown in popularity, more specialist lenders now understand these work models—and are willing to offer competitive mortgages to match.

Why Getting a Mortgage as a Contractor or Subcontractor Can Be Challenging

Traditional mortgage applications are built around steady, salaried employment. You’re usually asked to show three months’ payslips, a permanent contract, and proof of annual income. For contractors and subcontractors, that’s rarely applicable.

Common challenges include:

Proving income: Income can vary from month to month, and contractors often switch roles or contracts.

Short contract lengths: A three-month or six-month contract may seem unstable to mainstream lenders.

Gaps between contracts: Even if you're consistently in work, occasional breaks may raise red flags.

Limited trading history: New contractors or subcontractors might not have the required 1–2 years of self-employed accounts.

How Lenders Assess Day Rate Contractors

The good news? Some lenders now assess contractors based on their day rate rather than net income or tax returns.

Here’s how it works:

Lenders calculate your gross annual income using your day rate.

The standard formula is: Day rate × Number of working days per week × 48 weeks (Some lenders use 46 or 47 weeks to account for holidays.)

Example: If you're earning £400 per day, 5 days a week: £400 × 5 × 48 = £96,000 annual income (for affordability calculations)

This approach can significantly boost your borrowing power compared to using net profits or personal income alone.

How Subcontractor Mortgages Are Assessed

If you’re working under the CIS (Construction Industry Scheme) or as a regular subcontractor in another field, lenders may consider:

Your weekly or monthly income, based on CIS statements

A consistent work pattern, even if with different companies

A minimum trading history of 6–12 months

Some lenders will treat long-term subcontractors similarly to employees—particularly if your income is regular and you've been in the role for a year or more.

What Documents Will You Need?

Although requirements vary by lender, most will want:

Proof of current contract (showing day rate and duration)

Bank statements (usually 3–6 months)

CV or portfolio (to demonstrate continuity of work)

Tax returns or SA302s (if self-employed via a limited company)

CIS statements (for subcontractors under the scheme)

A specialist advisor can guide you on exactly what’s needed and help position your application in the best possible light.

How My Local Mortgage Advisor Can Help

At My Local Mortgage Advisor, we understand that your income may not be “standard”—but that doesn’t mean your mortgage needs to be difficult. We work with a panel of lenders that cater specifically to:

Day rate contractors

CIS subcontractors

Self-employed limited company directors

Freelancers and gig workers

We take the time to understand your working pattern and long-term income potential—not just your latest payslip or tax return.

Whether you're looking to buy your first home, move up the property ladder, or remortgage for a better deal, our advisors are on hand to offer:

Tailored mortgage advice

Access to contractor-friendly lenders

Guidance on documentation and income presentation

Support throughout the entire application process

Tips for Improving Mortgage Success as a Contractor/Subcontractor

To boost your chances of approval:

Keep accurate records – especially contracts and invoices.

Maintain consistent work history – aim for minimal gaps between contracts.

Build a good credit score – pay bills on time, limit credit usage, and register on the electoral roll.

Save for a larger deposit – a 10–15% deposit improves access to better deals.

Work with a specialist advisor – we know which lenders are best suited for your situation.

Ready to Get Started?

If you're a day rate contractor or subcontractor wondering if homeownership is possible—it is. With the right guidance and lender, your non-traditional income can still open the door to a competitive mortgage.

Book a free consultation with one of our local advisors today and get expert advice tailored to your work style and financial goals.

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 Looking for expert London mortgage advice? My Local Mortgage Advisor offers tailored guidance to help you find the right mortgage solution. Whether you're a first-time buyer, remortgaging, or investing in property, our friendly, local experts make the process simple and stress-free. We compare top lenders to secure the best rates for you. Trust us for honest, reliable advice in every step of your mortgage journey across London.

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London independent mortgage advisor 

Looking for a London independent mortgage advisor? At My Local Mortgage Advisor, we provide expert, unbiased advice to help you find the best mortgage solution for your needs. As independent advisors, we offer personalized guidance without any restrictions, ensuring you get access to a wide range of mortgage products. Whether you're a first-time buyer or looking to refinance, contact us today for tailored mortgage advice in London!

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Large Mortgage Loans | My Local Mortgage Advisor

Looking for large mortgage loans? At My Local Mortgage Advisor, we specialize in providing expert advice and tailored solutions for your unique financial needs. Whether you're purchasing a luxury property or refinancing, our team ensures a seamless experience with competitive rates and personalized service. Trust us to guide you through every step of the process. Contact us today for reliable mortgage assistance!

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Discover the Best Mortgage Advisor Near Me | My Local Mortgage Advisor Looking for expert mortgage advice? My Local Mortgage Advisor connects you with professional mortgage advisors near you. Get tailored solutions for your home loan needs, whether you're buying, refinancing, or need guidance. Experience personalized service and make confident decisions for your future. Trust us for expert support every step of the way. Contact My Local Mortgage Advisor today!

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London Mortgage Expert | My Local Mortgage Advisor

Get personalized mortgage advice from London mortgage experts. My Local Mortgage Advisor offers tailored solutions for first-time buyers, remortgages, and property investments. Our experts simplify the process, helping you secure the best deals in London’s competitive market. Trust us to navigate your mortgage journey with ease, transparency, and confidence. Contact us today for a consultation and start your path to homeownership.

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Buy to Let Mortgages | My Local Mortgage Advisor

Looking to invest in property? At My Local Mortgage Advisor, we specialize in Buy to Let mortgages, guiding you through every step to secure the best deal for your investment. Whether you're a first-time landlord or expanding your portfolio, our experts offer tailored advice and support to help maximize your returns. Discover flexible mortgage options and competitive rates today with My Local Mortgage Advisor.