Following the Chancellor, Rachel Reeves' pre-autumn statement address on the 4th of November, recruitment agency owners, managers, and contractors are keeping a close eye on the economic backdrop. As interest rates are unlikely to change, mortgage affordability is under pressure, especially if taxes increase. As a result, financial certainty is harder to guarantee.

At Champion, this is where our role as more than just a payroll service provider is more critical than ever.

We understand that when contractors feel supported, particularly in the financial aspects of their lives, they can focus far more confidently on what matters: delivering excellent performance on assignment. That's why we're proud to highlight our strategic partnership with specialist independent mortgage adviser Cleerly, offering contractors access to tailored guidance from one of the UK's leading contractor-friendly mortgage advisors.

The Current Economic Climate: Why Financial Support Matters

With inflation still elevated and interest rates higher than many households have seen in recent years, affordability is at the forefront of many contractors' minds. The upcoming Autumn Statement is likely to bring policy announcements that could ripple through hiring patterns, contracting rates and ultimately take-home pay.

For recruitment agencies and end-clients alike, a financially confident contractor is more likely to stay engaged, productive and worry-free about off-assignment matters. At Champion, our view is simple: when we support contractors' financial resilience, we support the success of assignments too.

Contractor Mortgages: Bridging the Gap Between Contracting and Home-buying

Contractors often face additional hurdles when securing a mortgage. Traditional lenders tend to favour permanent employment payslips, or standard income profiles, which can put contracting professionals at a disadvantage. Cleerly specialise in exactly this niche; contractor mortgages, umbrella-company workers and self-employed professionals with non-standard income streams.

Key benefits of Cleerly's approach:

• More than 20 years of experience in contractor-lending underwriting.
• Lenders accessed via bespoke arrangements that recognise contract day rates, umbrella payslips, or retained profits, meaning contractors may borrow more than conventional assumptions might allow.
• Clear guidance, tailored to the contractor experience, helps to minimise delays and reduce the risk of mortgage application rejection.

By aligning with Cleerly, Champion provides contractors more than payroll services; we provide a pathway to long-term personal financial peace of mind. That means fewer distractions, less stress, and better focus on your contracting assignment.

What This Means for Recruitment Agencies & Their Contractors

For agencies placing contractors via Champion, this extra layer of support means:

• Increased placement stability: Contractors who feel financially supported are less likely to leave assignments early due to financial concerns.
  
• Better productivity: When a contractor isn't worried about whether they'll qualify for a mortgage, or about next steps for buying a home, they can concentrate fully on their role.
  
• Competitive edge: Positioning your contractors with a payroll partner who cares about their future builds loyalty, enhances retention and bolsters your brand in a demanding market.
  

Champion's Commitment: More Than Just Payroll

At Champion, we believe that our contractors deserve a payroll partner who understands the fluctuating nature of contracts, stays up to date on economic trends, and understands individuals' personal ambitions for their contracting careers. That's why we invest in relationships like the one with Cleerly, so our contractors have access to expert mortgage guidance tailored to their work and income profile, as well as the economic influences of the moment.

Looking Ahead: Financial Planning Ahead of the Autumn Statement

As the Chancellor's Autumn Statement nears, it's widely anticipated that taxes such as income tax and VAT will rise, meaning now is an opportune moment for contractors to review their financial position. By engaging with a contractor-friendly mortgage lender early, you can be better positioned to respond swiftly to changes in lending criteria, interest rate movements or contractual changes.

We encourage our contractors to consider arranging a consultation with Cleerly sooner rather than later, even if you're not ready to take action immediately, so you have clarity on your borrowing position, understand what documentation lenders will want and know how lenders will view your contracting status. That clarity will make things much simpler when you need to act.

Get In Touch

If you are a recruitment agency looking to partner with a payroll provider who goes the extra mile, or a contractor seeking an umbrella partner that cares about your long-term goals, Champion can help.

Contact the Champion team on 0161 703 2549, or at info@championcontractors.co.uk