First-Time Buyer Mortgages for Contractors: What You Need to Know

First-Time Buyer Mortgages for Contractors: What You Need to Know

Blog Article

Buying your first home as a contractor can feel overwhelming — especially when traditional lenders don’t understand how you’re paid. But don’t worry, there are mortgage options specifically designed for first-time buyer contractors.

The Main Challenge for Contractors
Unlike full-time employees who can present payslips, contractors are often paid through limited companies or umbrella setups. High street lenders may not know how to assess this income correctly, which can lead to unnecessary complications or even rejection.

How Specialist Lenders Help
At Contractor Mortgage Solutions, we work with lenders who understand the contractor market. They’re happy to assess your affordability using your day rate multiplied by the number of days you work, often without needing years of accounts.

This means you can apply sooner than you might think — even if you’ve only been contracting for six to twelve months.

Documents You May Need
To prepare for your mortgage application, you’ll usually need:

A copy of your current contract

Recent bank statements

Proof of ID and address

Details of your deposit

A good credit history

The more organised you are, the smoother the process will be.

Tailored Advice for First-Time Buyers
Buying your first property is a big milestone, and we’re here to make the process stress-free. We’ll guide you through the entire journey — from getting a Decision in Principle to choosing the right mortgage product for your needs.

Take the First Step Toward Homeownership
Don’t let your contractor status hold you back from buying your first home. With expert advice and access to contractor-friendly lenders, you can get on the property ladder with confidence.

Get in touch with Contractor Mortgage Solutions today and take the first step toward owning your dream home.