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Day Rate Contractor Guide
Understanding how your day rate income is calculated is crucial when considering a mortgage or loan as a contractor. Lenders typically assess your income based on your day rate, the number of days you work per week, and how many weeks per year you can work.
*This guide provides general information and should not be used as a sole basis for financial decisions.
How Lenders Assess Contractor Income
- Day Rate: Your daily income rate forms the basis of your income calculation.
- Days Worked per Week: Typically, lenders use 5 days per week, but this can be adjusted.
- Weeks Worked per Year: Lenders may use 48, 50, or 52 weeks to calculate your annual income.
- Income Multiple: Once your annual income is calculated, lenders use an income multiple to determine how much you can borrow.
Note: This calculator does not take into account credit commitments. It is designed purely as a guide on how contractor income might be structured and multiplied for borrowing purposes.
Need Help Understanding Your Contractor Income?
If you're unsure how your day rate income will be assessed or need assistance in preparing your documents, our experts are here to help. Whether you're a contractor, freelancer, or self-employed, we can guide you through the process.
Day Rate Contractor Calculator
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. Some forms of Buy to Let Mortgages and Commercial Finance are not regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate commercial finance and some forms of buy to let mortgage.
This day rate calculator is a guide and may not reflect your true borrowing capacity. Please consult a financial adviser for personalised advice. Lender assessments may vary based on the provider and individual circumstances.