First Time Buyer Mortgage for Contractors

So, you’ve decided it’s time to move home? Perhaps you’ve recently added to your family? Maybe you’ve got a new job? 

Are you ready to buy your first home? Did you know that the average first-time buyer in the UK is now 30-years-old? This is an all-time high, and it’s because mortgages are more difficult to secure than ever before. Having the right information is critical. 

Can Contractors Get A First Time Buyer Mortgage?

There is no denying that buying your first home can be an incredibly daunting experience. This is especially the case when you are working as a contractor. You have probably heard many people tell you that you won’t be able to get a mortgage. While there is no denying that it can be more difficult, don’t let this deter you. You simply need professional advice, and this is where Contractor Mortgages Direct comes in. 

How To Increase Your Chances Of Securing A Contractor First Time Buyer Mortgage

  • Seek advice from a specialist advisor

  • Look into the government help that is available, such as help to buy
  • Target your search – not all mortgage providers will be suitable! 
  • Put down £100 extra on top of your deposit if you are on the border of the deposit band
  • Ensure that your credit utilisation is not high, i.e. close to limit credit cards / overdrafts
  • Cut back on spending before making your application
  • Don’t apply for any credit before making your application
  • Register to vote if you haven’t already
  • Make sure there are no errors on your credit report

You Need First Time Mortgage Advice From Professionals Who Understand Your Situation

One of the key mistakes a lot of contractors make is going to the bank to try and secure their first-time buyer mortgage. Securing a bank loan in this instance can be incredibly difficult, leaving you feeling deterred and like you are going to have to jump through hundreds of hoops to get the mortgage you need.

When you work with us, you will communicate with a specialist contractor mortgage advisor. They will understand the unique nature of your work, and they know exactly how to present your circumstances to a mortgage lender in a manner that reassures them that your income is secure and that you are a credible person to lend to. They also know how to match you to the best mortgage providers based on your unique circumstances, further increasing your chances of being approved. 

After all, there are many factors that are considered when applying for a mortgage, including:

  • Your employment status and income
  • Existing debt
  • Your outgoings
  • Your credit rating
  • How much you have saved as a deposit
  • The size of the mortgage you need 

How Do We Give You A Better Chance Of Contractor Mortgage Approval?

One of the key elements of our service that makes us different from other providers is that we will present you to lenders based on your gross contract value. This is because we know that your accounts do not provide a true reflection of your earnings. By going direct to a lender or by engaging the services of a standard mortgage advisor, they will try to fit you in based on the likes of your salary and dividends. However, we know that this does not work and this will put you at a disadvantage. This is why we work based on your gross contract value. For example, if your day rate is £500, you will have a gross contract value of £120,000 per annum. This approach means that we do not require your accounts or payslips.

First-Time Mortgages For Umbrella Contractors

We can help all types of contractors; not only limited company contractors but also those working under the umbrella payment structure. No matter your unique circumstances, you can be confident that we have the experience and contacts to give you the best chance of securing a mortgage at a rate you’re happy with.

Mortgage Lenders

Understand what's available in terms of lenders:

Monthly Mortgage Repayments

Monthly mortgage repayments do normally depend on what type of mortgage you decided to get, please make sure to view our mortgage types to understand the types of mortgages that might be available.

We’re Here For You Every Step Of The Way

From your initial enquiry to the completion of your mortgage, we will be there for you every step of the way. A lot of people are unaware that contractor mortgages even exist. The truth is that they have been around for decades, yet the High Street has been slow to pick it up. We’re thoroughly experienced in this niche, and we can explain the process to you in a clear and concise manner, keeping you informed at every hurdle. For additional information please make sure to read our First-Time Buyers Guide For Contractor Mortgages and start with our mortgage comparison tool.

Give us a call to get a comprehensive quote tailored to your position and circumstances as a contractor, get in touch or call us today and speak to one of our expert mortgage brokers on 01923 927361.

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