Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • antony_antony
    • By antony_antony 5th Jun 17, 5:39 PM
    • 11Posts
    • 0Thanks
    antony_antony
    mortgage - work contract ends before completion date
    • #1
    • 5th Jun 17, 5:39 PM
    mortgage - work contract ends before completion date 5th Jun 17 at 5:39 PM
    Hi,


    I got a mortgage approved from my bank and I received and signed the mortgage dead already, I work as contractor.
    I am still waiting for the exchange and completion date.

    My solicitor is working on it.


    My question is: how many days do I still need to have left in my work contract?



    With an example: if today is 01/05,my work contract ends on the 30/05, my completion date is on 15/05, on the 15/05 should I already have a new work contract or an extension of the current one?


    Many thanks
Page 1
    • kingstreet
    • By kingstreet 5th Jun 17, 5:44 PM
    • 31,708 Posts
    • 16,943 Thanks
    kingstreet
    • #2
    • 5th Jun 17, 5:44 PM
    • #2
    • 5th Jun 17, 5:44 PM
    As this is very lender specific, you would need to put such a question to whoever arranged this mortgage for you.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • antony_antony
    • By antony_antony 5th Jun 17, 6:29 PM
    • 11 Posts
    • 0 Thanks
    antony_antony
    • #3
    • 5th Jun 17, 6:29 PM
    • #3
    • 5th Jun 17, 6:29 PM
    Hi thanks for your answer. It is Halifax. Thanks
    • Lilla D
    • By Lilla D 5th Jun 17, 11:32 PM
    • 264 Posts
    • 126 Thanks
    Lilla D
    • #4
    • 5th Jun 17, 11:32 PM
    • #4
    • 5th Jun 17, 11:32 PM
    When you applied for the mortgage, it was disclosed to Halifax how long you had left on the contract. They issued the offer, so that's it, they won't come checking if you have a new contract. The solicitor will also not check it. However, obviously you'll have to ensure that you have the means to pay the mortgage.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • antony_antony
    • By antony_antony 6th Jun 17, 12:10 AM
    • 11 Posts
    • 0 Thanks
    antony_antony
    • #5
    • 6th Jun 17, 12:10 AM
    • #5
    • 6th Jun 17, 12:10 AM
    Hi Lilla D,
    Many thanks for your answer. Very useful.
    Of course when I applied for the mortgage I had all the requirements good for them, in fact I got approved the mortgage.

    I asked this question just because I needed to understand if I have to get as soon as I can a new contract (like any jobs) or I have more time to find a better job that I like. In other words I just want to optimise my reaserch.

    My conserns weren't the means to pay.

    Thanks again.
    • Lilla D
    • By Lilla D 6th Jun 17, 8:37 AM
    • 264 Posts
    • 126 Thanks
    Lilla D
    • #6
    • 6th Jun 17, 8:37 AM
    • #6
    • 6th Jun 17, 8:37 AM
    Ah ok, in that case the answer is that you have a bit of time to search for a better contract. Although lenders don't normally like a gap of more than a few weeks between contracts within the last 12 months prior to applying for a mortgage, if you're not planning to buy another property anytime soon where the income assessment would be based on your daily rate, then you should be fine.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • antony_antony
    • By antony_antony 6th Jun 17, 9:01 AM
    • 11 Posts
    • 0 Thanks
    antony_antony
    • #7
    • 6th Jun 17, 9:01 AM
    • #7
    • 6th Jun 17, 9:01 AM
    Thanks again Lilla D.
    No gaps I will have a contract before the end of my current one. Just wanted to make sure if I needed one (of at least 1 month left) before the completion date.
    Very useful your answers
    • antony_antony
    • By antony_antony 6th Jun 17, 2:13 PM
    • 11 Posts
    • 0 Thanks
    antony_antony
    • #8
    • 6th Jun 17, 2:13 PM
    • #8
    • 6th Jun 17, 2:13 PM
    Hi Lilla D,


    do you know if as contractor I can take a contract in another country of Europe (with a foreign company) like for 3-6 months? I will be based in UK. Just working during the week in another country.


    Does it affect my mortgage application in my situation?


    Many thanks
    • Lilla D
    • By Lilla D 6th Jun 17, 11:37 PM
    • 264 Posts
    • 126 Thanks
    Lilla D
    • #9
    • 6th Jun 17, 11:37 PM
    • #9
    • 6th Jun 17, 11:37 PM
    I know of a lender who could accept it, but I'd have to double check the other contractor friendly lenders, as the last time I had this request was before the changes around accepting foreign currency income. Then again, if you were to get paid in Sterling into a UK bank account, then you should be fine, even if not with every lender.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • antony_antony
    • By antony_antony 6th Jun 17, 11:50 PM
    • 11 Posts
    • 0 Thanks
    antony_antony
    Thanks Lilla as usual.
    Basically I could be paid in my UK account, I have a UK Limited Company (as contractor).
    • antony_antony
    • By antony_antony 19th Jun 17, 9:42 AM
    • 11 Posts
    • 0 Thanks
    antony_antony
    Hi Lilla D,


    I would need to understand if I can get or not a contract from an Irish company (they would pay me in Euros to my UK bank account).


    As I already wrote previously I am still waiting for the completion date of my mortgage and I don't want to do anything which could compromise it.


    Also, imagine if something happens and the seller doesn't want to sell anymore the property and the I need to apply again for the mortgage to buy another home, I d like to have the same changes to have again the approval even if my client is an Irish company and I work with my UK Company.


    Please could you tell me if I can accept contracts with foreign company?


    Many thansk
    • Lilla D
    • By Lilla D 19th Jun 17, 3:28 PM
    • 264 Posts
    • 126 Thanks
    Lilla D
    Hi, just checked a few other contractor friendly lenders, who would generally have reasonably low rates (including Halifax), but they don't accept foreign currency income except for that one lender I already knew about. This means that if you lose the current property and you have to re-apply for another property, then you'd have to change lender.

    I can't name this one lender on the open forum here and of course I can't say whether or not they'd be suitable for you, because I don't know the details of your case. This is just a generic feedback to say that if you accept a new contract that pays you in Euro (even though into a UK account), then it is not necessarily the end of world, but T&Cs will apply.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • antony_antony
    • By antony_antony 19th Jun 17, 4:38 PM
    • 11 Posts
    • 0 Thanks
    antony_antony
    Thank you Lalla,

    Instead if they would pay me in Sterlings on my uk business account?
    • Lilla D
    • By Lilla D 19th Jun 17, 4:54 PM
    • 264 Posts
    • 126 Thanks
    Lilla D
    Then it's just a normal mortgage case, where you have to meet criteria and affordability - i.e. it doesn't matter who your employer is, if you are a UK resident and earn in GBP paid into a UK account.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • antony_antony
    • By antony_antony 19th Jun 17, 5:04 PM
    • 11 Posts
    • 0 Thanks
    antony_antony
    Thank you, maybe that would be the best solution for me.

    Just 2 more questions:

    1)do you think if I ask them to be paid in pounds would be something feasible? Would they say yes?

    2)Imagine the first scenario happens, if I have to pay some tax in Ireland as well, would it be for my bank an element which could affect my credit score or could that affect my application for the mortgage (in case I lose this one)?

    Really many thanks
    • antony_antony
    • By antony_antony 21st Jun 17, 11:48 PM
    • 11 Posts
    • 0 Thanks
    antony_antony
    Hi Lalla,
    The foreign company can pay me in pounds to my uk bank account.

    Do you think that is enough or if it's necessary on my contract the salary as to be written in pounds as well? Or is ok if it is written in euros?

    Thank you
    • antony_antony
    • By antony_antony 22nd Jun 17, 4:29 PM
    • 11 Posts
    • 0 Thanks
    antony_antony
    Hi anybody could help me with the last question? Many thanks
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

192Posts Today

1,160Users online

Martin's Twitter