Can First-Time Buyer Contractors Get a Mortgage?

Can First-Time Buyer Contractors Get a Mortgage?

Blog Article

Many first-time buyers assume that being a contractor makes getting a mortgage harder. But with the right help and the right lender, first-time buyer contractors can secure a mortgage — often with better options than expected.

Why It Can Be Tricky with High Street Banks

Most high street lenders are used to salaried employees with payslips and P60s. As a contractor, your income might look irregular or short-term to them — even if you earn well.

This can result in:

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  Lower borrowing limits

  
  


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  Requests for 2+ years of accounts

  
  


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  Mortgage applications being declined unnecessarily

  
  

Specialist Lenders Understand Contractors

Contractor-friendly lenders assess your income differently. Instead of asking for years of accounts, they’ll often use your day rate and contract length to work out your affordability.

Here’s a common formula:

Day rate x 5 days x 48 weeks = annualised income

This gives a clearer picture of your true earning potential — which can significantly improve your borrowing capacity.

Top Tips for First-Time Contractor Buyers

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  Have at least a 5–10% deposit saved

  
  


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  Make sure your contract is current and clear

  
  


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  Maintain a good credit score

  
  


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  Avoid large gaps between contracts, if possible

  
  


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  Speak to a specialist mortgage broker early in the process

  
  

Let Us Help You Step onto the Property Ladder

At Contractor Mortgage Solutions, we work with lenders who specialise in helping first-time buyers with contract-based income. We’ll guide you every step of the way — from affordability checks to approval.

Get in touch today and let’s make your first home purchase a reality.

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