First-Time Buyer Day-Rate Contractor Secures 95% Mortgage for £600k Property
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Overview
A young software developer and first-time buyer approached us after being turned away by other brokers. Paid via his own limited company as a day-rate contractor, he was keen to get on the property ladder without waiting two years to build up self-employed accounts. He wanted to maximise borrowing while retaining funds for post-completion refurbishment work.
The Challenge
Despite a strong income, the client had been told elsewhere that he would need to wait two years before applying for a mortgage due to being newly self-employed. He didn’t yet have two full years of tax returns, which many brokers and lenders see as a requirement. On top of this, he wanted to borrow at 95% loan-to-value (LTV) on a £600,000 purchase—an ambitious figure in itself—and needed to keep repayments low to ensure affordability.
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Our Solution
Using our knowledge of lender criteria, we identified a high street lender that accepts day-rate contractors without the need for two years of accounts. We used his current contract and bank statements to evidence income, and structured the mortgage over the maximum term given his age to reduce monthly payments. We also placed him on a two-year deal, giving him the time and flexibility to carry out planned refurbishment works that would increase the value of the property.
The Outcome
We secured a 95% mortgage on a £600,000 property at a competitive rate and with no arrangement fee to minimise upfront costs. The term extension and fee-free product kept monthly payments low. Once renovations are complete, the increased property value should allow for a lower LTV and a more competitive remortgage in two years’ time.
What We Can Do for You
If you're self-employed, a contractor, or have been told your situation is too complex, we’re here to help. We specialise in navigating non-standard income structures and understand which lenders to approach to maximise borrowing potential without unnecessary delays. With the right advice and smart structuring, getting a mortgage as a contractor doesn’t have to be out of reach.
See our guide to complex and self-employed income mortgages →
Request your fee free mortgage consultation today. No obligation, just sound advice.
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YOUR HOME MAY BE REPOSESSED IF YOU DON’T KEEP UP REPAYMENTS ON YOUR MORTGAGE
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APPROVED BY THE OPENWORK PARTNERSHIP ON 27/06/2025