Contractor guide · Ireland
Contracting is no barrier to a mortgage — but lenders turn your day rate into an annual income in their own way. Here's how it works, what history you need, and a calculator to estimate your figure.
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Lenders take your day rate and annualise it — typically day rate × days per week × a conservative number of working weeks (around 46, some up to 48) to allow for holidays and gaps between contracts. The result is the income your borrowing is based on, at the usual 4× (first-time buyer) or 3.5× (mover) multiple.
Enter your day rate below to see the income range a lender is likely to use and a rough maximum borrowing. It's illustrative — your adviser confirms the exact figure for your case.
Estimate the annual income a lender is likely to use from your day rate, and roughly what you could borrow.
Contracting through your own company makes you a director — lenders may assess salary, salary + dividends, or company net profit. The right lender choice can change your figure a lot.
Illustrative only — not a quote or a lending decision. Each lender annualises contractor income and assesses history differently; your adviser confirms the figure that applies to you.
Expect to show at least two years of continuous contracting, ideally gap-free, and for some lenders in the same sector. A current contract with time left to run, or a recent renewal, strengthens the case considerably.
Your structure changes how income is documented, not whether you qualify:
Ireland does not use the UK's IR35 rules, so those don't affect your Irish mortgage assessment.
Yes. Contractors get mortgages regularly — the lending limits (4× income for first-time buyers, 3.5× for movers, 10–20% deposit) are the same as for employees. The difference is how your income is evidenced: lenders annualise your day rate and want to see a track record of continuous contracting, typically two years.
Most lenders annualise your day rate as day rate × days per week × a conservative number of working weeks — commonly around 46, with some using up to 48 — to allow for holidays and gaps between contracts. So a €450/day, 5-day contractor is assessed on roughly €450 × 5 × 46 ≈ €103,500. Which lender (and which week count) suits you best is exactly what a broker on our lender panel checks.
Usually at least two years of continuous contracting, and some lenders prefer it to be in the same sector. A renewed or ongoing contract, with no large unexplained gaps, makes a strong case. A small number of lenders will consider less in particular circumstances — worth a conversation if you're newer to contracting.
It affects how your income is documented, not whether you qualify. Umbrella/PAYE contractors hand over payslips; own-limited-company contractors are directors (salary, or salary plus dividends, or company profit may be used); sole traders are assessed from accounts and Form 11s. (Note: Ireland doesn't use the UK's IR35 rules — those don't apply here.)
Typically your current contract and recent renewals, two years of contracting evidence, recent payslips or accounts depending on your structure, six months' bank statements, an EDS or tax summary, and photo ID. We give you a precise checklist for your situation up front.
See what a lender would use as your contractor income and how much you could borrow — free, no registration. Then talk to Francis about the lenders most comfortable with contractors.
Warning: If you do not keep up your repayments you may lose your home.
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