Contractor Mortgage Calculator
Turn a contractor day rate into an annualised income figure, then estimate maximum borrowing, the property price it supports and the monthly payment.
Enter your details below.
How to use
- Enter your day rate, how many days a week you work, and how many weeks a year you realistically work.
- Enter your deposit, interest rate, term and an income multiple.
- Click Calculate Contractor Borrowing to see your annualised income, maximum borrowing, maximum price and monthly payment.
About this tool
Contractors are often assessed on an annualised day rate rather than on company accounts: day rate times days per week times weeks per year. Weeks are usually set below 52 to allow for holidays and gaps between contracts, and lenders commonly use 46 to 48 weeks. This calculator annualises your day rate on that basis, applies the income multiple you choose to give maximum borrowing, adds your deposit for the maximum property price, and prices the repayment payment at your rate and term. Each lender has its own method and some will use a lower figure or average your actual earnings, so this is an estimate, not a lending decision.
Frequently asked questions
Do I need a long contracting history?
Some lenders ask for 6 to 12 months of contracting history, while others will consider a new contract with evidence of experience in the same field.
Is the annualised figure guaranteed to be accepted?
No. Each lender has its own method, and some will use a lower figure, or salary plus dividends, or an average of recent contracts instead.