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Virgin Money Contractor Mortgages: Day-Rate, Umbrella & IR35 Options

Virgin Money has one of the most detailed contractor policies of any high-street bank. They accept day-rate contractors, umbrella workers, IR35 applicants, and even zero-hour or fixed-term contracts (with a track record). Unlike lenders who demand years of accounts, Virgin Money has a formal day-rate policy that makes borrowing accessible if your case is packaged correctly.

Mortgage Knight works with Virgin Money regularly — ensuring your contract, payslips, and background are presented in line with their underwriting rules.

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Virgin Money Contractor Mortgage Criteria

Daily Rate Contractors
  • Latest P60 + last month’s payslip (or last 3 months’ payslips if no P60, 12 weeks if paid weekly).
  • 2 months’ bank statements (required for first-time buyers; also required if employed by a family member/business).
  • Bonus income: 2 years’ evidence required via payslips.
  • £50k+ earnings: Needs 1 year contracting OR 2 years in same industry
  • Under £50k: Needs 2 years contracting
  • No minimum income requirement
  • Max LTV: Up to 95%
  • If <1 month remaining on contract → renewal evidence required
  • Limited companies are fine if you don’t employ others or hold multiple contracts
IR35 & Umbrella Contractors
  • 12 months’ continuous contracting in the same profession.
  • ≥6 months remaining on current contract.
  • If less → need 2 years’ continuous employment in the same profession.
  • For zero-hour contracts: documentary evidence of consistent earnings over 12 months.
  • Proofs: Latest payslip + P60 + 2 months’ bank statements.
  • If <12 months in current role, income must align with previous job levels
  • Seasonal or short-term temporary work is not accepted

What Documents You’ll Need

  • Current contract(s) and any renewals

 

  • CV or evidence of industry history

 

  • Payslips (umbrella/IR35 applicants)

 

  • Bank statements (last 3–6 months)

 

  • ID, proof of address, deposit evidence

 

  • Company info (if Ltd director)

Case Studies

1) James – Day-One Contractor, £525/day

Profile: IT contractor moving from perm to contract, 1st contract just started
Challenge: Concerned he couldn’t borrow without accounts
Solution: Packaged as day-rate × 46 weeks with evidence of 5 years in same industry
Outcome: Approved at 90% LTV with Virgin Money

2) Priya – Umbrella NHS Contractor

Profile: Works via umbrella with payslips showing deductions
Challenge: Unsure if umbrella income would count in full
Solution: Submitted payslips; Virgin Money deducted NI/Levy/fees then multiplied by 46 weeks
Outcome: Passed affordability; 85% LTV approved

3) Ahmed – Zero-Hour Agency Worker

Profile: Engineer with 3 years consistent zero-hour income
Challenge: Previous broker said zero-hour was unacceptable
Solution: We evidenced 3 years’ track record at consistent income
Outcome: Approved at 80% LTV, 2-year fixed deal

Why Contractors Use Virgin Money

Day-rate policy with no minimum income cap

Up to 95% LTV (ideal for first-time buyers)

Umbrella & IR35 accepted with clear payslip rules

Zero-hour & fixed-term contracts allowed if track record is solid

High-street lender with competitive rates and trusted brand

Frequently Asked Questions

By multiplying your contract rate × 46 weeks. Umbrella applicants have deductions factored in first.

Yes — if you earn £50k+ and have 2 years in the same industry.

Yes, both are accepted, provided payslips clearly show deductions.

Up to 95% LTV, depending on profile and product.

Yes, if you have a 2-year track record in the same line of work.

Get Your Virgin Money Contractor Mortgage with Mortgage Knight

Whether you’re day-rate, umbrella, or zero-hour, we’ll package your case exactly to Virgin Money’s criteria — maximising your approval chances and securing the best rate.

Contact us today