When it comes to contractor-friendly lenders, Halifax is one of the most recognised names in the UK mortgage market. Unlike many banks that require two or more years of accounts, Halifax is open to Day 1 contractors, making it a preferred choice for IT professionals, engineers, consultants, and other skilled workers starting out on new contracts.
This page explores Halifax’s contractor mortgage criteria, how income is assessed, real client examples, and how Mortgage Knight can help you secure the best deal.
Halifax has a long-standing reputation for being contractor-friendly. Instead of relying solely on historic accounts, Halifax uses your current contract to assess affordability.
Halifax’s flexible approach makes them a strong option for contractors who want to borrow sooner rather than waiting years for full accounts.
James, 34, IT Consultant James left permanent employment and started a £475 per day IT contract. Most lenders asked for two years of accounts, but Halifax assessed his contract directly. Using his day rate multiplied by 46 weeks, James secured a mortgage of £310,000 with a competitive fixed rate.
Rina, 29, Project Manager Rina worked through an umbrella company with a 6-month contract, only 2 months left to run. Halifax accepted her case when she showed evidence of contract renewal. She borrowed £240,000 at 85% LTV to purchase her first flat.
Tom & Sarah, 41 and 39, Engineering Contractors The couple were paying a high rate with a specialist lender. Halifax’s contractor policy allowed them to remortgage based on their contracts, cutting their monthly payments by £420 and securing a 5-year fix for stability.
Yes. Halifax is one of the few mainstream lenders to accept Day 1 contractors, provided your contract is clear and current.
Halifax usually multiplies your daily rate by 5, then by 46 or 48 weeks to calculate annualised income.
Halifax typically requires at least 4–6 weeks remaining, or evidence of renewal/extension.
Yes. Halifax accepts umbrella contractors and limited company contractors, as long as the contract and income evidence are clear.
Yes. Contractors assessed through Halifax usually have access to the same competitive high-street rates.
At Mortgage Knight, we specialise in helping contractors secure mortgages with Halifax and other contractor-friendly lenders. Whether you’re Day 1 into your first contract, working through an umbrella, or looking to remortgage, our team makes the process smooth and stress-free.
