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NatWest Contractor Mortgages: A Complete Guide

Why NatWest for Contractors?

NatWest is one of the most contractor-friendly high street banks. Unlike many lenders that rely only on 2–3 years of accounts, NatWest can assess contractors based on their current contract value, making it possible to borrow without lengthy trading history.

With Mortgage Knight, we’ll package your case the way NatWest underwriters want to see it, improving approval chances and helping you access competitive high-street rates.

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NatWest Contractor Mortgages

How NatWest Assesses Contractors

  • Contract Type: Day-rate and hourly contractors (including IT, engineering, finance, medical, and professional services).
  • Calculation Basis:Gross annualised contract value = day rate × 5 × 46 weeks.
  • Minimum Contract Term: At least 6 months remaining (or 12-month history with renewals).
  • Experience Requirement:Preferably 12 months contracting or 2 years in the same industry.
  • LTD or Umbrella:Both limited company and umbrella contractors accepted.
  • Adverse Credit:Must be clean in recent years; minor issues may be considered with explanation.
  • LTV (Loan-to-Value):Up to 90% LTV on residential; lower for complex profiles.

Personal Use & Background: Income from spouse/partner considered; background debts and credit commitments factored.

Why Contractors Choose NatWest

  • High-street name with competitive mainstream rates
  • Day-rate lending makes borrowing simpler for new contractors
  • Fewer hurdles compared with self-employed lenders demanding 2–3 years of accounts
  • Flexibility across fixed, tracker, and offset mortgages

Case Studies

1) James – IT Contractor, 6 Months in

Profile: Day-rate IT contractor, limited company, 6 months on current contract Challenge: No 2-year accounts available
Solution: Mortgage Knight packaged his contract details, CV, and industry background.
Outcome: NatWest approved based on day rate × 46 weeks, borrowing 4.5× income.

2) Sarah – Umbrella Contractor, First Home

Profile: NHS locum nurse, umbrella arrangement
Challenge: Unsure if income was acceptable to mainstream lenders
Solution: We confirmed NatWest’s umbrella contractor criteria and annualised her payslips.
Outcome: 85% LTV mortgage approved, first home purchased.

3) David – Engineering Consultant, Contract Renewals

Profile: Experienced contractor with multiple contract renewals
Challenge: Previous broker said he needed 2 years’ accounts
Solution: We showed NatWest his 12-month rolling contracts and income stability.
Outcome: Mortgage approved with competitive 5-year fix.

How Mortgage Knight Helps

  • We know NatWest’s contractor underwriting rules and present your case the right way

 

  • We calculate your annualised contract value and prepare documents upfront

 

  • We compare NatWest with other contractor-friendly lenders to ensure you’re not missing better alternatives

 

  • We handle the whole application, reducing stress and avoiding common rejections

Frequently Asked Questions

Not usually. They prefer at least 12 months in contracting or strong industry history.

They use day rate × 5 × 46 weeks (not full 52 weeks).

Yes, umbrella contractors are accepted — payslips and contract evidence are required.

As little as 10% deposit (90% LTV) depending on profile and credit score.

They’re strong, but not always the best. Other lenders may offer higher multiples or accept day-one contractors. A broker can compare.

Get Your NatWest Contractor Mortgage with Mortgage Knight

Get Your NatWest Contractor Mortgage with Mortgage Knight

We’ll confirm eligibility, calculate your borrowing power, and package your application for NatWest or another contractor-friendly lender.

Contact us today