Can we get a mortgage with contract employment?

dereke_2

As a contractor (LLC) I have had a mortgage with both Halifax and Clydesdale. I went through a broker but the main thing they were interested in was 2+ yrs account history. Other than having that there was no issue.

amnblog

If you dont want to waste time or money use a broker, they will be familiar with these kinds of cases that are generally successfully but have a number of quirks.

kingstreet

I've just placed a 90% newbuild shared ownership case where one applicant started a one year fixed term contract last week. He was previously permanently employed in a similar role with a different employer.

randomnut

Sorry to say if you are with Nationwide they almost certainly won't want to know.

I am in the same situation, contract worker looking to secure a mortgage. Despite I have mu current mortgage with nationwide and all other accounts so they have full visibility of the affordability, they don't want to know.

On the plus side, Clydesdale and Halifax are very contractor friendly, so all is not lost. I have found though that you need to go via a contractor mortgage advisor (I can point you in the right direction if you PM me, don't want to be accused of advertising...) as going direct to the banks seems to result with the monkey in the call centre not knowing about contract employment either. Halifax for example do it on a multiple of your daily rate, but you need to speak to the right people.

Paully232000

We have just had a mortgage offer where I am on a fixed term contract. Is with Accord mortgages, 2.99% 5 yr fixed rate mortgage.
So there are, by the look of it, at least 4 providers to choose from dependant on other circumstances.

buzzyzoe

I am in a similar situation, but buying on my own, so only contract employment to be taken into account.

I've been employed at the same company for 18 months, and have just had my contract renewed until Feb 2015. I used London and Country brokers (free and so far they have been very good), and they did the groundwork for me, finding out what lenders would need. I wanted to apply to the Coventry, but they need 2 years worth of contracts, which I didn't have. I've now gone with Abbey (Santander), they wanted proof of being employed for at least a year, and asked to see both my old contract and my new one. They also asked for a letter detailing how likely it would be that my contract would be renewed again at the end of this period, which my employer was happy to provide. If you could get something like this, it might put you in a better position. Hope that helps and best of luck!