Contractor day-rate income
Case-by-case
Umbrella company income
Case-by-case
Limited-company director income
Yes
| Criteria | Verdict | Detail |
|---|---|---|
| Contractor day-rate income | Case-by-case | — Santander lends to contractors but assesses the income as self-employed (2 years' accounts) — it doesn't use a day-rate annualisation. |
| Day-rate income | Case-by-case | — |
| Contract-based income (first-timer) | Yes | — |
| Umbrella company income | Case-by-case | — Accepts umbrella income but assessed as self-employed (2 years' accounts), not a day-rate route. |
| Limited-company director income | Yes |
|
| CIS income | Yes | — |
| Fixed-term contract income | Yes | — |
| Max LTV (standard) | Yes |
Self-employed route |
Source: lender intermediary criteria, every row verified on or since 2026-06-24 (most recent check 2026-08-19). 1 row carries no verification date and is shown as published by the lender without a dated check. Criteria change frequently — always confirm current policy with the lender or a broker.
Adviser's view
Santander takes a different approach to contractors than most of its high-street peers: rather than annualising a day rate, it assesses contracting income on a self-employed basis, which means two years' accounts rather than a shorter trading track record. That's a real distinction to flag — contractors expecting a quick day-rate calculation will find Santander wants the fuller self-employed picture instead, with lending capped at 90% loan-to-value on that route.
The same self-employed treatment applies to umbrella company income, so it doesn't get folded into an employed-style assessment here. Limited company directors are accepted provided they hold at least a 20% shareholding, and CIS workers and fixed-term contractors are both accepted without issue. Santander will also consider applicants moving straight into a new contract, which helps those currently between roles.
Santander contractor mortgage criteria at a glance
- Income basis: self-employed assessment, not day-rate annualisation
- Track record: two years' accounts (umbrella income treated the same way)
- Maximum LTV: 90% on the self-employed route
- Limited company directors: accepted with at least a 20% shareholding
- CIS and fixed-term contractors: accepted
- New contract not yet started: considered
Does Santander do contractor mortgages? Yes — but not on a day-rate basis. A Santander contractor mortgage is assessed as self-employed income (two years' accounts, up to 90% LTV), so it suits established contractors with trading history rather than those relying on a current day rate. If you specifically want a lender that annualises your day rate, compare the day-rate lenders in the contractor lender tables instead.
Santander suits contractors who already have two years of accounts to show rather than those relying purely on a current day rate; the table above has the positions, so confirm the self-employed documentation Santander will want before applying.
FAQ
Does Santander do contractor mortgages?
Yes, but not on a day-rate basis: contracting income is assessed as self-employed with two years' accounts, capped at 90% LTV. It suits established contractors with trading history; day-rate reliant contractors should compare lenders that annualise instead.
Does Santander accept limited company and CIS contractors?
Limited company directors are accepted with a 20%+ shareholding, and CIS workers and fixed-term contractors are accepted too — all on the self-employed documentation basis. Umbrella income gets the same self-employed treatment rather than an employed-style assessment.