Moving from permanant to contract work - how easy to get a mortgage?

new_home_owner_3

VIGILANT22 wrote: »

the same as you posting incorrect allegations

Dan_1976

Can we lock this thread now?

inca_2

I would not advise you to enter into a mortgage agreement on current income figures if your husband is about to be changing his income and employment status not only for the reasons mentioned by other posters. Lenders can ask for further documentation or proof of income at any time they wish to in the process, although it might not be all that common it does happen. Furthermore, if for any reason a sale fell through and you needed to be re-scored on another property as a new application you may need to provide this again if the documentation provided previously was deemed to be out of date. You could be causing yourself more problems by deceiving the lender than you realise.

I can't remember whether you mentioned how long the contract would last and whether you have any income yourself but you will more than likely struggle if your husband is going back into contract work at the time of applying for a mortgage. It's definitely the kind of situation you want to see a whole of market broker for that you can sit down with and show every bit of income and documentation that you can. They may know of lenders with underwriters that would potentially look at it, that's not to say they would agree it but you'll have more chance and get better advice with a whole of market broker in your situation then you would with a high street lender (and that's coming from someone who works for one).

Is renting for a year or a little over an option to you? It would allow a year's worth of self-employed time to elapse and maybe widen your options a little. It will also give you flexibility if your husband's job is likely to change again after this contract and you decide you want to move to a different location.

gingin_2

Dan_1976 wrote: »

Can we lock this thread now?

I think that's unfair. I asked a reasonable question which has had good answers but it has been hijacked by a couple of numpties who are unable to see they have done so.

gingin_2

inca wrote: »

I would not advise you to enter into a mortgage agreement on current income figures if your husband is about to be changing his income and employment status not only for the reasons mentioned by other posters. Lenders can ask for further documentation or proof of income at any time they wish to in the process, although it might not be all that common it does happen. Furthermore, if for any reason a sale fell through and you needed to be re-scored on another property as a new application you may need to provide this again if the documentation provided previously was deemed to be out of date. You could be causing yourself more problems by deceiving the lender than you realise.

I can't remember whether you mentioned how long the contract would last and whether you have any income yourself but you will more than likely struggle if your husband is going back into contract work at the time of applying for a mortgage. It's definitely the kind of situation you want to see a whole of market broker for that you can sit down with and show every bit of income and documentation that you can. They may know of lenders with underwriters that would potentially look at it, that's not to say they would agree it but you'll have more chance and get better advice with a whole of market broker in your situation then you would with a high street lender (and that's coming from someone who works for one).

Is renting for a year or a little over an option to you? It would allow a year's worth of self-employed time to elapse and maybe widen your options a little. It will also give you flexibility if your husband's job is likely to change again after this contract and you decide you want to move to a different location.

Thanks for responding

We won't move area for sure and the location of OH's career is unlikely to change too, it's pretty concentrated in one specific area. We've been renting the same house for 6 years now and I really am ready to buy. We shall see, it's not the end of the world if we stay renting. We equally might buy our rented house which has been mentioned by the landlord before.

Dan_1976

gingin wrote: »

I think that's unfair. I asked a reasonable question which has had good answers but it has been hijacked by a couple of numpties who are unable to see they have done so.

Yes I agree, maybe I got it the wrong way around, maybe we could lock them in another thread!!