Joint Mortgages for Contractors and Employed Partners
Joint Mortgages for Contractors and Employed Partners
Blog Article
If you're a contractor and your partner is in a full-time job, you might be wondering how a joint mortgage works with different income types. The good news is that lenders regularly deal with these situations—and with the right approach, your combined income can strengthen your application.
How Joint Mortgages Work
In a joint mortgage, both applicants' incomes are used to assess affordability. This can lead to:
Higher borrowing capacity
Shared responsibility for repayments
Better access to competitive mortgage rates
Lenders evaluate each income source individually and then combine them for the final calculation.
How Contractor Income Is Treated
As a contractor, your income may be assessed in several ways:
Contract rate basis (e.g. daily rate × 5 × 46 weeks)
Limited company accounts (salary + dividends)
Umbrella company payslips
If your income is consistent and well-documented, lenders will view you as a strong applicant—even if your partner’s income is more traditional.
Benefits of a Joint Application
Increases your borrowing power
Helps if one person has lower credit
Shared financial responsibility
Useful if one applicant has less deposit or a shorter work history
What Lenders Will Look For
Lenders will assess:
Your current contract or payslips
Partner’s employment income and payslips
Bank statements for both parties
Credit scores individually and jointly
It’s important that both applicants are transparent about debts and income to avoid surprises during underwriting.
Tips for a Smooth Application
Keep both of your documents up to date
Be ready to explain your income clearly
Work with a broker who can balance contractor and PAYE income
Final Thoughts
A joint mortgage between a contractor and an employed partner is entirely possible—and often beneficial. By combining incomes and using the right lender, you can access the borrowing power and property you’re aiming for.
At Contractor Mortgage Solutions, we specialise in joint applications and help present both incomes clearly and professionally.