nationwide contractor mortgage

Nationwide Contractor Mortgages is an esteemed High Street lender renowned for its receptivity to mortgage applications from both day rate and hourly rate contractors, irrespective of their income level.

Whether you are a contractor operating via your own limited company or a payroll umbrella, Nationwide will review and consider your application thoroughly.

Our mortgage brokers at Mortgage Knight possess extensive experience and will ensure that your application aligns perfectly with Nationwide’s criteria for contractor mortgages.

Submitting an application haphazardly through an inexperienced broker can lead to failure. It’s crucial not to bypass professional guidance in an attempt to go direct; our skilled brokers at Mortgage Knight can assist in securing some of the most competitive interest rates available with this lender.

Nationwide’s Policy for Day Rate Contractors:

  1. Contract Rates: Nationwide does not impose a minimum contract rate and welcomes applications from contractors in any profession, on any day or hourly rate.
  2. Contracting Experience: Contractors must have a minimum of one year’s experience in contracting for Nationwide to consider the application. Anything less is typically not acceptable.
  3. Remaining Contract Duration: Nationwide requires a minimum of four weeks remaining on your contract, understanding the short-term nature of such agreements. If your contract has less than four weeks remaining, Nationwide may request evidence of an upcoming extension or a new contract.
  4. Employment Gaps: Nationwide expects consistent work over the past 12 months, with acceptable breaks for holidays. Notably, Nationwide is quite lenient regarding employment gaps, allowing up to 12 weeks between contracts.
  5. Fixed Term Contract Requirement: Nationwide requires an end date on contracts to comply with their “fixed term contract” policy.

Calculation of Gross Contract Value by Nationwide:

Nationwide calculates gross contract value by multiplying the day rate by five (for a working week), then by 52 weeks, using 80% of this value for mortgage calculations. They do not consider the average of the previous year to determine the daily rate.


  • Day Rate: £350 x 5 days x 52 weeks x 0.80 = £72,800 gross contract value.
  • Hourly Rate: £42 x (stipulated or 37.5 hours default) x 52 weeks x 0.80 = £65,520 gross contract value.

Application Requirements:

  • Proof of ID (e.g., Passport or DVLA Licence).
  • Proof of Address (e.g., Utility Bill or Council Tax Bill).
  • Current Contract with Terms and Conditions (signed and dated).
  • An up-to-date CV demonstrating a strong work record.
  • Three months of personal and business bank statements.
  • For property purchases, proof of deposit or a gifted deposit letter, along with the necessary template provided by us.

Presenting all necessary documentation upfront facilitates a smooth and efficient process, ensuring that your application to Nationwide is well-prepared for a prompt and favourable decision.

At Mortgage Knight, we maintain a strong relationship with Nationwide. Avoid risking your application; let us guide you through the process with expertise and care.



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