First-time buyer: secure your dream home with a fairer mortgage
We can secure the best contractor mortgage available to you as a first-time buyer, based on your contract rate alone.
Our expert broking team has decades of experience in preparing successful mortgage applications for first-time buyers. So let us help you realise your true borrowing potential and your property ownership goals.
Mortgages that reflect your true worth
Traditional lenders assess your affordability using conventional criteria that don’t align with the way you work or earn as a contractor.
By focusing on your gross contract earnings, we can bypass these outdated standards and secure mortgage offers that truly reflect your real affordability.
It sounds simple because we’ve designed it that way. But behind the scenes, we’re working tirelessly to ensure you get the best deal possible. Our goal is to take the stress off your shoulders, so you can focus on what really matters – finding your perfect home.
It's not your fault
Buying your first home as an independent contractor needn’t be difficult. It shouldn’t be as tough as mainstream lenders often make it for self-employed professionals, anyway.
Every step of the home-buying process can be stressful, even for seasoned homeowners. And if this is your first home, we know that many of these steps will seem alien to you.
But, as a contractor, it’s not just the surveys, solicitors and estate agents you have to worry about. Problems can begin before you even think about moving in.
That’s because most mortgage lenders struggle to understand contracting and its many payment structures. The fault’s theirs, not yours. But don’t worry. We can show you a better way to buy your first home as a contractor.
A specialist approach: contract-based underwriting
We calculate how much you can borrow for your first home using your gross daily contract rate. We don’t use traditional, outdated salary-based methods. This approach lets contractors borrow between 4.5 and 5.5 × their gross annual contract earnings, with only minimal documentation required:
- Current contract
- Proof of address and ID
- Bank statements
- CV (if applicable)
Do contractors need a bigger deposit for a mortgage?
Lending criteria ascertain what risk each potential borrower poses should the lender agree a mortgage. Many of those criteria relate to the potential borrower, a snapshot for underwriters to consider. As such, they’re outside the lender’s control.
What mortgage lenders can control is the deposit they ask for. The larger the deposit, the less risk a potential borrower poses to them, on two counts:
- They’ve shown the capacity and restraint to save
- The home will have more equity, so is less likely to fall into negative equity should the borrower be unable to pay
This is the same for all borrowers, not just contractors. And we certainly have 5% deposit mortgages for contractors (95% LTV). But the interest rates are higher, the smaller the deposit you put down.
Interest rates begin to get much more favourable from 15% (85% LTV) upwards. So, no: contractors don’t need a bigger deposit for a mortgage. But being able to put more down will help get a better rate today, and smaller repayments in the future.
How much can I borrow as a contractor first-time buyer?
Why Freelancer Financials?
Comprehensive mortgage options
Fixed-rate, tracker, interest-only, and flexible offset mortgages.
Access to senior underwriters
Experts who understand contractor income structures.
Generous borrowing limits
Up to 5x your gross annualised earnings.
Minimal documentation
Typically, you only need your contract, proof of ID, and bank statements if needed.
How does it work?
No need for accounts or payslips - everything is based on your gross contract earnings. This approach ensures you get a better, fairer mortgage offer that truly reflects your worth as a contractor.
Share your details:
Start by telling us about your financial circumstances—your industry, day rate, and the type of property you're looking to buy. The more we know, the better we can tailor our search to your unique situation.
We do the legwork:
Once we have your details, we’ll scour the entire market, tapping into our extensive network of lenders. We approach the best options on your behalf, negotiating the most favourable terms that align with your contractor status.
Quick decision:
Within 24 hours, you'll receive a Decision in Principle, giving you the confidence to move forward with your property search or purchase.
Stress-free support for first-time buyers
We’re committed to ensuring your first-time buyer mortgage journey is stress-free by providing:
Step-by-step guidance
From your first consultation to mortgage completion, we’ll be with you every step of the way.
Tailored affordability advice
Maximise your borrowing potential while safeguarding your credit score.
Award-winning expertise
Trusted by contractors and recognised as a leading specialist mortgage broker.
Streamlined efficiency
Timely mortgage approvals, even in the most complex cases.
First-time buyer Stamp Duty Land Tax (SDLT) calculator
Stamp Duty is an unavoidable tax when buying a home, yet many overlook it until the last minute.
The amount you owe depends on various price bands, with each portion of your total calculated accordingly.
To simplify this, just enter the purchase price into our Stamp Duty calculator, then hit Calculate to see your SDLT bill instantly.
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