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How we can help you

Purchasing your first house is one of life’s biggest milestones – it’s an exciting and memorable occasion. But it is stressful.

There’s a lot to be done before you’re handed the keys; arranging a mortgage in principle, negotiating the right price, making an offer, appointing a solicitor – buying a house is almost akin to a full-time project.

Thankfully, we’re here to help.

For over ten years, we’ve been assisting first time buyer contractors with their mortgage applications. It means we have the expertise and the experience to help contractors from all manner of backgrounds. You could be a contractor trading via a Ltd Company, contracting through an umbrella company or you could have just won your first contract!

Starting your mortgage journey with us is easy. We just require a little bit of information about your contracting background and then you can receive mortgage quotes straight to your inbox.

Or why not take a look at our mortgage calculator? It’s an easy-to-use tool that shows you mortgages you may be approved for based on a successful application. Just enter your property value, how much you wish to borrow, and how much you wish to pay back each month. Once you’ve found a mortgage you’d like to apply for, get in touch to kickstart your application process.

Our consultants can talk you through your options and help you to create a comprehensive, self-explanatory mortgage application that puts you in the best position to be accepted by a lender.

Who we help

Day one contractors

Contractors using an umbrella company

Contractors trading through a Ltd company

How do first time buyer contractor mortgages work?

When dealing with contractors, high street lenders tend to look at Ltd company contractors as self-employed workers. This means they look at accounts, including the salary you pay yourself and any dividends.

For those contracting through an umbrella company, the lender may view you as employed, however the multiple ways in which the incomes are listed and deductions recorded cause confusion, resulting in only part of the income being taken into consideration.

Thankfully, going to a contract mortgage specialist means contractors have access to special terms through contract-based underwriting. Approval for a mortgage is decided based on gross contract value. That means if you have a day rate of £500, you could potentially borrow £600,000.

  • £500 x 5 days/week = £500
  • £2500 x 48 weeks/year = £120000
  • £120000 x 5 (multiple to calculate affordability) = £600000

What documents are required to secure a contractor mortgage?

There’s no need for accounts and no need for payslips. We simply work out how much, in theory, you would earn in a year according to your day rate and use that to negotiate rates and terms different to those offered by high street lenders.

Your CV

Your Contract

Bank Statements

ID and proof of right to live and work in the UK

Speak to a consultant

Help To Buy contractor mortgages

While the government’s Help to Buy scheme no longer exists, first time buyer contractors can still put their Lifetime ISA savings towards a deposit on a house up to value of £450,000.

Contractor Mortgages for Shared Ownership Properties

The Shared Ownership scheme helps first time buyers – including contractors – to get on the property ladder that bit quicker. Instead of purchasing the whole property, a contractor can purchase a percentage share of the property – usually 25%, 50%, or 75%.

Rather than raising a deposit against the entire value of a property, you only need to raise a deposit and qualify for a mortgage against the percentage of the property that you intend to own. You then pay a low monthly rent on the part of the property you don’t own.

There are usually flexible staircasing options, which allow you to buy more of your property over time.

“I had only recently started my Ltd company and all mortgage brokers were telling me I needed at least 1 years’ worth of accounts to be able to secure a mortgage offer. Until I spoke to Professional Contractor Mortgages, they were able to secure an offer in a matter of weeks and were a pleasure to deal with. I would recommend Will and Professional Contractor Mortgages to anyone looking to secure a mortgage. Great service.”

Ryan Cosgrove

What do we offer first time buyers looking for a contractor mortgage?

Whether you’re an established contractor or are just starting out on your contracting journey, you’ll still have access to deposits as low as 5%.

You can also:

  • Borrow based on your annualised contract rate
  • Borrow up to five times your income
  • Borrow at the same rates as those who are permanently employed

We’re mortgage consultants who care. Our glowing 4.9 Trustpilot rating showcases how committed we are to being helpful, proactive, and transparent.

Please feel free to call us on 02394 170047 or request a callback.

Speak to a consultant

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