Mortgage for first-time buyer contractor on visa with 10% deposit

The scenario

Our client approached us after finding a property he was keen to purchase but had previously been told by another broker that obtaining a mortgage would be very difficult due to his circumstances.

He works as a Project Manager on a fixed-term contract basis and has done so consistently for the past 24 months across multiple companies. While his income history was strong, many lenders are reluctant to consider applicants who are not in permanent employment.

In addition to this, the client was a first-time buyer, currently on a visa, and had a maximum deposit of 10% available for the purchase. Each of these factors can reduce the number of lenders willing to offer a mortgage, and combined they significantly limited the available options.

Despite this, the client had identified a property he wanted to buy and was keen to move forward, although there was no immediate urgency to complete. After being told by another broker that they couldn’t help, he continued searching for advice online and found Trinity Financial. 

The challenge

The main difficulty with this case was finding a lender willing to consider the combination of:

• Fixed-term contractor income

• Visa status

• First-time buyer status

• A relatively small 10% deposit

Many lenders require permanent employment or larger deposits when applicants are on visas, which meant the available lender pool was extremely limited.

The solution

After carefully reviewing lender criteria across the market, we identified a large building society keen to consider applications under these circumstances.

We presented the client’s two-year contracting history to demonstrate stable and consistent income, helping the lender feel comfortable with the application despite the fixed-term nature of his employment.

The mortgage was arranged on a capital and interest repayment basis with an interest rate of just over 5%. While this was not the lowest rate available in the market, it represented a strong outcome given the very limited lender options.

Following submission, the lender processed the application quickly and the mortgage offer was issued within just one week.

Lending solutions with Trinity Financial

Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation

The information contained within was correct at the time of publication but is subject to change.

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