Contractor Mortgages for Aldershot’s Defence Workforce
Aldershot Garrison is one of the UK’s largest and oldest military bases. The civilian support workforce, the contractors providing technical and professional services to the garrison and surrounding MoD establishments, and the growing number of ex-military personnel who have transitioned into day rate defence consulting all share the same mortgage problem: standard banks look at a payslip and see a small salary drawn through a limited company. A specialist lender multiplies the day rate by 46 working weeks and arrives at a very different number.
A defence systems contractor in Aldershot on 480 pounds per day operating through a limited company and drawing 12,500 in salary has a bank-assessed income of 12,500 and a maximum mortgage of around 56,000 pounds. The same contractor assessed by a specialist lender on day rate annualisation has an income of 110,800 and a maximum mortgage of up to 554,000. That is the difference between renting indefinitely in GU11 and buying a 3-bed semi in South Aldershot.
Ex-Forces into Contracting — The Aldershot Transition
Aldershot produces a steady flow of ex-military personnel entering defence contracting after leaving service. A sergeant major with 22 years in the Royal Engineers moving into a project management contracting role at a defence prime will often earn more as a day rate contractor than they did in uniform — but their contracting history may be short. Some specialist lenders accept 6 months of contracting history for applicants with directly relevant prior military employment. We identify these lenders before any application.
Ex-Royal Signals officer, 3 years contracting at a defence communications prime in Aldershot. 520 per day, outside IR35. Bank assessment: 12,500 salary, offer 56,000. Specialist lender: 520 x 46 = 119,600 annualised, offer up to 598,000. Bought a 4-bed detached in Tongham. Same income. Right lender.
What Lenders Need From Aldershot Contractors
Current signed contract showing day rate and end date. Minimum 3 months remaining at application is the standard requirement. IR35 determination confirmation. For inside IR35 contracts: umbrella payslips assessed like PAYE. For outside IR35: limited company accounts showing contracting history. Most lenders require 12 months; some accept 6 for ex-military with direct discipline continuity. We confirm the documentation required before any approach to a lender.