Get A Self Employed First Time Buyer Mortgage
Overcome the salary and accounting issues and secure your first property
We’ll help you find lenders who understand how you work as a self employed professional so you can get the mortgage you need.
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How Can We Help You Secure Your First Mortgage?
Traditional lenders often don’t know how to handle applicants who earn a day rate rather than an annual salary. Without regular payslips or years of accounts, securing a mortgage can be challenging. If it’s your first, it can be even harder.
We specialise in working with providers who understand your unique income structure. By calculating affordability based on your day rate instead of annual accounts, as well as understanding your business setup, we find mortgage products tailored to you.
Our specialists will guide you through the available First Time Buyer Mortgage options, ensuring you find the best match for your needs.
What do you need from me?
A few simple details
Send us your employment history, a copy of your contract (including your day rate), three months of bank statements and proof of ID, and we’ll handle the rest. You just need to demonstrate that you can cover the deposit, fees and stamp duty for your mortgage.
Let us take care of the paperwork
Mortgages are known for being admin-heavy, which is why we take care of the paperwork for you. We’ll walk you through each step, complete the necessary forms and liaise with solicitors and estate agents on your behalf.
Speak to an expert
The dull but essential legal section
Our advice & fees
We only provide advice on first-charge mortgages. Our service fee is a flat £500, divided into two payments. We charge £100 when we issue your AIP (Agreement In Principle) and the remaining £400 upon application. If your application doesn’t progress past the AIP stage, you’ll only be liable for the initial £100. Please note that if a fee is charged and your mortgage doesn’t go ahead, this fee is non-refundable.
Your rights:
You may be eligible for compensation from the FSCS if we’re unable to meet our obligations. The amount of compensation depends on the type of business and the circumstances of your claim. More specific information is available upon request, but you can use this example as a basic guide: Eligible mortgage claims related to advising and arranging are covered at 100%, up to a maximum of £85,000 per person per firm.
Ready to get on the property ladder?
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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.