Your first home, bought on your day rate.
First-time buyers face the most friction of anyone — no equity, often a short trading history. We work with lenders who fund the purchase on your current contract and CV, with a deposit from as little as 5%.
Why do first-time contractor buyers get stuck?
First-time buyers lack both equity and, often, a long set of accounts. A high-street lender reads that as double risk and asks for years of history you may not have. Contract-based lenders instead fund the purchase on your current contract and professional record.
You don’t need to have been contracting for years to buy. With the right lender, a strong day rate, a relevant CV and a clean credit record can carry the application — sometimes from day one of a contract. The deposit thresholds are the same as for any buyer; what changes is how your income is read.
A first home on a £450 day rate
£103,500 × 4.5 = £465,750 indicative borrowing
With a 10% deposit, that supports a home up to ≈ £517,000
Indicative only — your final figure depends on credit, commitments and the lender. But it’s a far cry from the “come back in two years” a branch might offer.
What low-deposit routes are worth knowing?
- 5% deposit mortgages. The government mortgage guarantee scheme supports 95% borrowing on many homes.
- Shared ownership. Buy a share (often from 10–25%) and pay subsidised rent on the rest, staircasing up over time.
- Right to Buy. Qualifying council tenants can use their discount in place of much of a cash deposit.
First steps
- Get an Agreement in Principle from a contractor-friendly lender before you view.
- Have your current contract, CV, bank statements and deposit evidence ready.
- Speak to an adviser early — it shapes which homes are realistically in range.
Estimate your borrowing
Set your day rate below for an indicative figure to view against.
Lenders that back first-time contractor buyers — a selection
First-time buyer mortgages, answered
Can a contractor buy their first home without years of accounts?+
Yes. Contract-based lenders assess your current contract and professional background rather than a long trading history, so first-time buyers can borrow on their day rate — sometimes from the first day of a contract — without two or three years of accounts.
What deposit do first-time buyers need?+
Typically from 5% of the property price, with access to better rates at 10% and 15%. Your contractor status affects how income is assessed, not the deposit thresholds, so the same low-deposit options are open to you.
Are there schemes that help with a small deposit?+
Yes — the government mortgage guarantee scheme supports 5% deposits, and shared ownership lets you buy a share of a property and staircase up over time. We’ll match the route to your deposit, income and the home you want.
Can I use an Agreement in Principle to start viewing?+
Yes, and you should. An Agreement in Principle gives a realistic borrowing estimate so you can view and make offers with confidence. For contractors, getting the AIP from a lender that already understands day-rate income avoids wasted credit searches.
I only have one year of contracting behind me. Is that enough?+
Often, yes. Several lenders accept one year — and a few accept day-one contracts — provided the rate, contract and your CV support it. A specialist broker knows which lenders to approach so a thin history doesn’t end the conversation.