Key Advantages for IT Contractors
- Premium Day Rates = Higher Borrowing Power
With daily rates typically ranging £500-£800 (and up to £1,200+ for niche roles like cybersecurity), lenders calculate your income differently:
- Many multiply your day rate by 220 working days
- Example: £650/day × 220 = £143,000 "annual income" for mortgage purposes
- Some even accept future contract rates if you're switching to higher-paying roles
- Frequent Renewals Prove Stability
IT contracts often include:
- Automatic extensions (showing income continuity)
- Rolling agreements (treated like permanent income by some lenders)
- Multi-year projects (especially in government/enterprise tech)
- Transferable Skills Reduce Risk
Your expertise in areas like:
- Cloud computing (AWS/Azure)
- Cybersecurity
- DevOps
...means lenders view you as "recession-proof" compared to contractors in volatile industries.
Real-World Success Story
A cybersecurity contractor secured a £425,000 mortgage with just:
- £650/day rate (new contract with FTSE 100 company)
- 12-month agreement + 6-month extension clause
- 3 years' total industry experience (but only 8 months contracting)
How We Helped:
✅ Negotiated with a tech-specialist lender
✅ Used gross contract value (not just take-home pay)
✅ Highlighted niche certifications (copyright, CEH)
Documents That Strengthen Your Application
- Current contract (showing rate + duration)
- Extension emails/letters (proving likely continuity)
- Certifications (AWS, Microsoft, CompTIA etc.)
- Previous employment records (if new to contracting)