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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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Buying Your First Home

Traditional lenders don’t know how to work with those earning a day rate rather than annual salary. Without a monthly payslip or years of accounts, it can be a struggle to get a mortgage, especially your first.

We only work with providers that understand how you work.

By basing our calculations on your day rate, not your annual accounts and understanding how you work – whether you run a limited, umbrella or personal services company – we find the mortgage products to match.

Our experts will talk you through the available First Time Buyer Mortgage products to help you find the right fit for your needs.

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 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.

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What do I need to provide to get my first mortgage?

A few simple pieces of information

Provide us with a copy of your employment history, contract (including your day rate), three months of bank statements and proof of ID, and we’ll get to work. All you need to do then is prove you can cover the deposit, fees and stamp duty required for your mortgage.

Minimal paperwork

Mortgages are notoriously admin-intensive, which is why we take the paperwork off your hands. Explaining every step, we’ll fill out the forms for you and deal with solicitors and estate agents on your behalf.

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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.

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