First-Time Buyer Mortgages for Contractors

First-Time Buyer Mortgages for Contractors

Blog Article

Can Contractors Get a First-Time Buyer Mortgage?
Absolutely! Being a contractor doesn’t mean you can’t get a first-time buyer mortgage. In fact, many lenders now offer tailored products for contractors—even those buying their first home. The key is to work with a broker who understands how to present your income correctly.

The Challenges First-Time Contractors Face
Contractors often struggle with traditional lenders because their income doesn’t come through regular payslips. This can cause confusion, especially for first-time buyers who may not have years of accounts or a long credit history.

Common hurdles include:

Proving consistent income

Short contracting history

Lack of permanent employment status

How Lenders Assess Contractor Income
Many contractor-friendly lenders calculate your income based on your day rate, not your payslips. Here’s a common formula:

Day rate × 5 days × 46–48 weeks = Gross annual income

This allows you to borrow based on your actual earning potential rather than outdated criteria.

Tips for First-Time Contractor Buyers
Save a strong deposit – While 5% is possible, 10–15% can help you access better rates.

Keep your credit score in good shape – Pay off debts and check your credit report for any issues.

Avoid large gaps in contracts – Lenders like consistency, even if you’re new to contracting.

Get your paperwork ready – Include your contract, ID, bank statements, and proof of address.

How We Help First-Time Buyers
At Contractor Mortgage Solutions, we work with lenders who understand your income structure and support first-time contractor buyers. We’ll guide you through the entire mortgage process—from initial consultation to getting the keys.

Step into Homeownership with Confidence
Buying your first home as a contractor doesn’t have to be stressful. With the right advice and access to contractor-specific deals, your dream of homeownership can become a reality.

Let’s Get You Started
Contact us today to discuss your options as a first-time contractor buyer. We’re here to help you every step of the way.