Barclays contractor and self-employed mortgages

Barclays offers a range of mortgage products which accommodate various complex incomes, making them a suitable option for contractors and self-employed professionals who meet their lending criteria.

Introduction

Barclays contractor mortgages

Barclays is a well-established lender with a strong reputation for offering competitive mortgage and remortgage options. While their strict lending criteria can pose challenges for contractors, Cleerly's special partnership with Barclays allows us to explore a wider range of mortgage solutions beyond what's available in a typical branch.

Use our mortgage calculator

Eligibility

Barclays contractor mortgage criteria

Depending on your income and circumstances, Barclays uses a daily rate calculation to determine borrowing power. This calculation uses the lower rate of the two most recent contracts and then multiplied by 46 to give an annual figure.

As part of the mortgage application, contractors will be required to present the following:

ID and proof of address
Evidence of income
Evidence of current contract
Evidence of contracts covering the previous 12 months.
Proof of deposit

Latest bank statements

For more information on Barclays’s lending criteria and what documentation is required, speak to one of our contractor mortgage consultants today on 02394 212912.

Barclays mortgage lending criteria for self-employed professionals

Barclays will generally class applicants as self-employed if they are a Ltd company director, a sole trader or have more than a 20% share of a business from which they get their main income. As part of the mortgage application, self-employed professionals will need to present the following:

Previous two years’ SA302 forms and corresponding tax year overviews
ID and proof of address 
Copy of current contract
Signed business accounts from previous two years

Barclays contractor mortgage FAQs

Who does Barclays use for credit checks?

Barclays uses Experian, Equifax and Callcredit for its credit checks.

Can I get a Barclays umbrella mortgage?

Yes, but it’s worth specifying that Barclays is one of the only contractor mortgage lenders who treats umbrella contracts as zero hours. If you are paid through an umbrella company and would like some guidance on how this impacts your mortgage application, speak to one of our umbrella mortgage consultants who will be happy to guide you through the process.

How do Barclays contractor mortgage rates compare to other lenders?

Despite its stringent lending policy, Barclays offer competitive mortgage rates that are on a par with other mainstream high street lenders. Find out how much you could borrow with our Contractor Mortgage Calculator.

What is the best way to get a Barclays mortgage for contractors?  

Securing a mortgage as a contractor or self-employed professional is not always straightforward – even for high earners. That’s why your best chance of clinching a mortgage offer from Barclays is to partner with a specialist contractor mortgage broker.

Cleerly’s mortgage consultants are specialists in contractor and self-employed mortgages, guiding you through the application process to put you in the best possible position for lender approval.  