Can Contractors Get Help to Buy Mortgages?

Can Contractors Get Help to Buy Mortgages?

Blog Article

The Help to Buy scheme has been a lifeline for many first-time buyers in the UK, but contractors often wonder if they qualify. The good news? Yes, contractors can use Help to Buy — but there are a few key things to keep in mind.

What Is the Help to Buy Scheme?
Although the original Help to Buy Equity Loan scheme ended in 2023, similar regional alternatives and shared ownership options are still available. These schemes typically allow buyers to:

Purchase a new-build home with just a 5% deposit

Receive an equity loan or purchase a share of the property

Borrow the remainder through a mortgage

These initiatives aim to make homeownership more accessible — and contractors are eligible in many cases.

How Lenders Assess Contractors for Help to Buy
Even with Help to Buy, getting a mortgage approval depends on how your income is assessed. This is where many contractors run into issues with standard lenders. They may not understand how to interpret your contract-based income, especially if you’re newly self-employed.

At Contractor Mortgage Solutions, we work with lenders who are Help to Buy-approved and contractor-friendly. They assess your affordability based on your day rate and current contract, making it easier to qualify.

Key Tips for Contractors Using Help to Buy
Keep your contracts, invoices, and bank statements well-organised

Maintain a strong credit history

Save at least a 5% deposit for the property

Work with a specialist broker who understands the Help to Buy process

Let’s Help You Get on the Property Ladder
If you're a contractor dreaming of homeownership, the Help to Buy route could still be within reach. We’ll help you navigate the scheme and find a mortgage that suits your income style.

Contact Contractor Mortgage Solutions today to explore Help to Buy options that work for contractors like you.