Secure A First Time Buyer Self Employed Mortgage
Buy the property you want as an independent professional
Don’t let the lack of a fixed salary get in the way of your first time buying ambitions. We’ll help you find the right mortgage for you.
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Buying Your First Property As A Self Employed Professional
Traditional mortgage providers don’t tend to like lending to those earning a day rate. But that doesn’t mean there aren’t companies that do.
We work exclusively with providers who understand your circumstances.
By calculating your earnings based on your day rate rather than annual accounts and appreciating how you operate, we identify mortgage products that suit the self employed.
Our experts will guide you through your First Time Buyer Mortgage options to ensure you find the best fit for your needs.
What details and documents are required?
A bit of basic information
Send us a copy of your employment history, your contract (including your day rate), three months of bank statements and proof of ID, and we’ll get to work. From there, all you need to do is show that you can cover the deposit, fees and stamp duty needed for your mortgage.
We’ll handle the paperwork
Mortgages often come with a mountain of admin, but we’re here to handle it for you. We’ll explain each step, complete the forms on your behalf and liaise with solicitors and estate agents to keep the process smooth.
Speak to an expert
The less exciting but no less important legal bit
Our advice & fees
We provide advice solely on first-charge mortgages. Our service fee is £500, split into two payments. We charge £100 when issuing your AIP (Agreement In Principle), with the remaining £400 due on application. If your application does not progress past the AIP stage, you only pay £100. Please note that if we charge a fee and your mortgage does not proceed, this fee is non-refundable.
Your rights
You may be entitled to compensation from the FSCS if we cannot fulfil our obligations. The compensation amount depends on the type of business and the claim circumstances.
We can provide more details upon request, but as a general guide, this is a typical Eligible mortgage claims related to advising and arranging are covered at 100% of the claim, up to a maximum of £85,000 per person per firm.
Ready to buy your first home?
Fill out the form below to arrange a time to speak to one of our experts.
FAQs
What is an independent professional mortgage?
It’s a standard mortgage but assessed differently. Lenders consider your annualised contract rate instead of traditional income methods, helping independent professionals borrow based on true earnings. A specialist broker can help you access competitive rates.
Read our A-Z of Mortgage Terms.
Can I get a mortgage as a contractor?
Yes. While most high-street lenders struggle to assess contractor income accurately, specialist lenders can assess affordability based on your day rate or contract value. Broadbench works with lenders who understand contractor income structures, helping you borrow in line with your actual earning capacity rather than being limited by payslip-based assessments.
Does IR35 affect my mortgage application?
Yes. Your IR35 status affects how lenders assess your income. Outside IR35, specialist lenders can use your day rate to calculate affordability. Inside IR35, your employment income from your umbrella company or client payroll is used. In both cases, Broadbench will identify the lender and assessment method that gives you the most favourable outcome.
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.
Can I get a mortgage if I have only just started contracting?
Yes! As long as we can see you’ve got a history in the same line of work and in the same industry in which you are now contracting, there are lenders who accept new contractors.
Read our A-Z of Mortgage Terms.
What is a freehold?
The freeholder of a property owns it outright, including the land it’s built on. If you buy a freehold, you’re responsible for maintaining your property and land, so you’ll need to budget for these costs. Most houses are freehold but some might be leasehold – usually through shared-ownership schemes.
Why should I use a specialist Contractor broker?
By all means, go to a high street lender to satisfy your curiosity, but in most cases, the lender will have issues with how income reaches the contractor. High street lenders understand dividends, but business owners, professionals and contractors who are tax efficient and only draw down a minimum salary and dividends to meet their needs won’t look good. Specialist brokers like us go to the same lenders you see in the high street but at the head office underwriter level. This means they are speaking to people with a bigger lending mandate and a knowledge of this sector contractors, and they use the contract to define a contractor’s income.
Do I need three years of company accounts before I apply?
Lots of contractors have the misconception that they cannot get a mortgage without three years of accounts. Whereas that might have been the case several decades ago, this is certainly no longer true.