I’m Charles Calvert, a mortgage broker at Easy Mortgages. This is general information, not personal advice. Always check the figures against your own situation before you decide anything.
Mortgage for contractors and freelancers in Hampshire? CIS, limited company, umbrella or fixed-term contract — each route has lenders that understand it and lenders that do not. Around Portsmouth and the Solent you will find plenty of IT, marine and defence contractors in exactly this boat.
In December 2024, contractor lending is still very much alive — but the calculation method (day-rate multiple versus accounts versus umbrella payslips) can change the maximum loan by a wide margin. Getting the right lender family matters more than chasing a high-street brand name.
How income is often evidenced
Day-rate contractors may be assessed on a calculated annual figure (for example day rate × a set number of days) by specialist lenders, subject to contract history. Umbrella employees usually look more like PAYE with payslips. Limited company directors may be assessed on salary and dividends, or sometimes on a wider company-profit basis where criteria allow.
Which method is used changes how much you can borrow. Two lenders can produce very different maximums from the same accounts.
What to send me early
- Current contract and any recent previous contracts.
- Last 3–6 months of umbrella payslips or personal/company bank statements.
- SA302s and tax year overviews or full accounts if you are limited company.
- Proof of deposit and any irregular income notes (bonuses, retainers).
Local colour
Short gaps between contracts are common in defence and project IT work across the Portsmouth and Fareham corridor. Some lenders accept them with explanation; others want continuous cover. Do not assume a high street branch will interpret a contractor CV the way a specialist underwriter will.
If your fix ends in early 2025, December paperwork season is a good time to assemble accounts and contracts so January applications are not waiting on your accountant.
Soft next step
Send your contract plus recent payslips or accounts for a review before you offer on a property. That avoids falling in love with a home on a borrowing figure no lender will support. Fees depend on whether the case is a standard purchase (£495) or needs specialist underwriting (£895) — I will say which before we apply. Remortgages are £299 on full offer; product transfers carry no fee from me.
Day-rate myths
Not every lender multiplies your day rate by 5 × 48 and calls it income. Some do something close; others want a track record across contracts; others prefer umbrella payslips only. Quoting a Twitter calculator as “the” contractor formula is how applications bounce.
If you are between contracts in December, say so. A signed future contract, a history of renewals, or a bridging explanation can all matter — silence looks worse than a clear gap story.
Company directors and retained profit
Where criteria allow a broader view of company performance, accountant-prepared figures help. Where they do not, we work with salary and dividends actually extracted. Wanting to keep cash in the company for tax reasons can reduce personal mortgage capacity — that trade-off should be conscious.
A Fareham broker’s closing thought
Every Hampshire case turns on its own income, credit and property detail. The sections above are a map, not a personal recommendation. When you are ready, bring your numbers and we will test them against current lender criteria together — calmly, and without obligation on the first conversation.
I have helped clients across Fareham, Whiteley, Locks Heath, Portchester, Gosport, Portsmouth, Eastleigh, Southampton and Winchester with variations of this question. Patterns repeat; your paperwork is still unique. That is why a short, honest fact-find beats another hour of late-night browsing.
If anything in this article conflicts with a letter from your own lender or solicitor, their document wins for your case until we review it together. Rules and product features change, and your file may carry facts no article can see.
Bring your questions to a first conversation whenever you are ready — there is no obligation, and no fee for that initial chat while we establish whether a full application makes sense.
If you would like to talk this through for your own numbers, you can get in touch here or email contact@easy-mortgages.co.uk. I am based in Fareham and help clients across Hampshire.