How to Get Mortgage Ready: 5 Essential Steps for High Earners and Contractors
For professionals in tech, finance and consultancy, income is often higher than average but more complex than a standard PAYE salary. While this can work strongly in your favour, it also means lenders need your finances presented clearly and strategically.
Below are five essential steps to help you prepare for a mortgage application, before you start speaking to lenders or viewing properties.
1. Understand How Your Full Income Will Be Assessed
One of the most important steps in getting mortgage ready is understanding how lenders view your income, not just what you earn on paper.
If you receive income through a combination of base salary, bonuses, RSUs, dividends or contract day rates, different lenders will assess this in different ways. Some may take a conservative view, while others are far more flexible when income is well evidenced.
At this stage, you don’t need to calculate borrowing figures yourself. What matters is knowing:
- Which income streams are consistent
- How long you’ve been receiving them
- Whether they are likely to continue
This groundwork takes it far easier for a specialist broker to structure your application correctly later on. For deeper reading, see our blog on RSU mortgages and what counts as income.
2. Start Organising Financial Documents Early
Mortgage applications rarely fail because of income alone, they fail because information is missing, unclear or rushed together too late.
Being mortgage ready means having a clear, organised record of your finances well in advance. This is particularly important for contractors and high earners with variable income, where lenders often look for consistency over time.
While requirements vary, most lenders will expect to see evidence such as payslips or contracts, bank statements showing income being received, and documentation relating to bonuses or equity compensation.
Preparing this early by at least 3-6 months helps avoid delays, reduces stress, and allows your broker to identify the most suitable lenders before you formally apply.
3. Review Your Credit Profile Before You Apply
Your credit profile plays a significant role in mortgage affordability and interest rates, especially for higher-value borrowing.
Before applying, it’s worth checking your credit report to ensure there are no surprises. Small issues such as outdated addresses, minor missed payments, or high credit utilisation can all affect how lenders assess risk.
The advantage of planning ahead is time. Even modest improvements made a few months in advance can have a positive impact on your application and the rates available to you.
4. Be Strategic About Your Deposit and Savings
Saving a deposit isn’t just about reaching a target amount, it’s also about how your savings appear to a lender.
If your deposit comes from bonuses, vested RSUs, dividends or investments, lenders will want to understand the source of funds and see that it is legitimate and traceable. They will also look at your overall financial position, including whether you retain a buffer after completion.
For high earners with complex income, demonstrating sensible saving habits alongside variable earnings can strengthen an application and improve lender confidence.
We’ll be covering this topic in more detail in our upcoming article on how credit scores impact high-value mortgage applications.
5. Speak to a Specialist Mortgage Broker Early
One of the most common mistakes we see is waiting until a property has been found before speaking to a broker.
If your income isn’t straightforward, early advice is invaluable. A specialist mortgage broker can assess how your full income could be used, identify lenders who understand RSUs, bonuses and contract income, and flag any potential issues well before they become problems.
This early preparation often results in clearer borrowing expectations, fewer declined applications, and a smoother overall process.
Final Thoughts: Mortgage Readiness Is About Preparation, Not Perfection
Getting mortgage ready doesn’t mean changing how you’re paid, it means presenting your income and finances in a way lenders understand.
With the right preparation and specialist advice, professionals with complex income structures are often able to borrow more, and on better terms than they initially expect.
At Limitless Finance, we specialise in mortgages for tech, finance and consultancy professionals, including those earning through RSUs, bonuses and contracting. If you’re planning ahead, a short conversation now can make a significant difference later. Get in touch with us, we’ll be happy to help kick start the process with you.
