First Time Buyer Mortgage
Your path to getting on the property ladder
Buy your first home with a mortgage designed with business owners, professionals and contractors in mind
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Your Path to Homeownership
At Broadbench, we understand that navigating the property market as a first time buyer can be complex—especially when your income doesn’t come from a typical salary. Whether you're a freelancer, limited company contractor, or small business owner, our tailored first time buyer mortgage solutions are built for how you earn.
We also assist with:
- Contractor mortgage first time buyer applications
- Access to 95% LTV mortgage first time buyer deals
- Guidance on first homes scheme mortgage options
Why Traditional Lenders May Not Fit
Mainstream banks often assess applications based on payslips and permanent employment. This can be a barrier for:
- Contractors Inside IR35: Often paid through umbrella companies with variable income.
- Contractors Outside IR35: Running their own companies, usually drawing irregular dividends.
- Business Owners and sole traders: Whose declared income may not fully reflect affordability.
We help overcome this with contract-based underwriting mortgage solutions tailored to your contract rate and business structure.
Speak to an expertOur Specialist Approach
We work with specialist lenders who understand non-traditional income. Our approach includes:
- Contractor mortgage options based on day rate or contract length
- Support for limited company contractor mortgage applications
- Acceptance of alternative income proofs like contracts and bank statements
- Guidance on how much mortgage can I get using a realistic affordability assessment
- Use our first time buyer mortgage calculator to get an estimate tailored to your working style.
Navigating IR35 and Umbrella Company Challenges
Securing a first time buyer mortgage when working through an umbrella company (inside IR35) can be tough. Some lenders still see umbrella income as less reliable. At Broadbench, we work with lenders who take a modern view and offer competitive products to umbrella company contractors using contract-based affordability models.
Resources to Guide Your Home Buying Journey
Embarking on the path to homeownership involves more than just securing a mortgage. Explore our comprehensive guides to assist you at every step:
- A-Z Of Mortgage Terms: Demystify mortgage jargon with our comprehensive glossary.
- House Hunting Tips: Practical advice to find your ideal home.
- Struggling To Find A Conveyancing Solicitor?: We recommend Hutchins & Co.
- Essential Questions to Ask When House Hunting: Ensure you're making informed decisions during viewings.
- Crack the Contractor Mortgage Code: Navigate the mortgage landscape as a contractor.
- Mortgages: Your Top 10 Questions Answered: Get clarity on common mortgage queries.
- Fixed vs. Variable Rates: Determine which mortgage rate suits your financial goals.
Ready to Take the Next Step?
Our experienced advisers will walk you through the first time buyer mortgage process and help you secure the best deal—whether you’re seeking a no deposit mortgage, a contractor mortgage, or a scheme like the First Homes Scheme.
Speak to an expert
What do I need to provide to get my first mortgage?
- A copy of your contract (showing your day rate)
- Three months' bank statements
- Funds for deposit, solicitor’s fees, survey fees, and stamp duty
- Proof of ID (and possibly your CV)
What we offer
- Access to a wide range of first time buyer mortgage lenders friendly to contractors and self-employed professionals
- End-to-end support and full paperwork handling
- Coordination with estate agents and solicitors
- Mortgage products tailored for day-rate earners and non-traditional income
Our Advice & Fees
We only offer advice on first-charge mortgages. We charge a flat fee of £500 for our services, this is split into two payments. When we issue your AIP (Agreement In Principle) we charge £100, then a further £400 is charged on application. This means that if your application stalls at the AIP stage, you are only liable for the £100. If we charge you a fee, and your mortgage does not go ahead, this fee is non-refundable.
Your Rights
You may be able to claim compensation from the FSCS if we cannot meet our obligations. The amount of compensation available will depend on the type of business and the circumstances of the claim.
We can provide more specific information on request, but as a guide, eligible mortgage claims related to advising and arranging are covered for 100% of a claim up to a maximum limit of £85,000 per person per firm.
Ready to become a homeowner?
Fill out the form below to arrange a time to speak to a mortgage expert.
FAQs
Why is the area so important?
From crime to community, amenities to areas of green space. Good questions to ask include: where is the nearest supermarket or is the corner shop within walking distance or will you have to drive? Where’s the closest bus stop or train station? How are the local schools rated by Ofsted?
How much can I borrow?
The main things that dictate how much a person or couple can borrow is income and current credit commitments. All lenders have different ways to calculate what someone can borrow.
How much deposit do I need?
You will need a minimum of a 5% deposit. The more deposit you put in, the better the interest rates will be. For example, if you put in a 15% deposit this will get you a better interest rate than a 10% deposit.
What is the difference between a repayment mortgage and an interest-only mortgage?
A repayment mortgage is guaranteed to pay off your mortgage by the end of the term as long as all payments have been made.
An interest-only mortgage is where your monthly payments are only covering the cost of the interest and your loan amount will remain the same. At the end of the term, you would either need to sell the property to repay the mortgage or find another source to repay the loan.
What insurance do I need for a mortgage?
As a minimum, the building itself needs to be insured. We would usually recommend that you also insure the contents within your home too. Other insurances we recommend are Life Insurance to repay the mortgage debt if someone passes away and Income Protection insurance which provides you with an income should you be unable to work due to sickness or accident.
Can I move my mortgage to another lender if they are offering a better interest rate?
Yes. You can “remortgage” to another lender to take advantage of their better interest rates. As part of our service, we will contact you as you approach the final few months of your existing mortgage deal to provide you with details of the options available to you.
Can I get a mortgage if I earn a day rate, rather than PAYE?
Yes. Of course, there are factors that impact a contractor’s eligibility, but just by being self-employed, you should not expect to be turned down by a lender as long as they understand contractors and contracting. However, factors that would prevent anyone from securing a mortgage, such as a poor credit history or a bad payment record will apply just as much. to contractors as to employees.