Halifax - Do they lend to people in Probation and Contract Work?

nitsydes

Just a quick question if anybody can help?

Due our circumstances numerous lenders won't lend to us due to me being in probation and Mrs in 6 month contract. I have been told Halifax will be okay by a broker but haven't been able to verify it yet. I've looked at their criteria but can't seem to find any information on it. Does anyone know?

Many Thanks

kingstreet

Probationary period is pretty straightforward, yes.

A six month contract is a different matter. Provided she has a history of working in the same industry for two years, or the contract has been renewed at least once, she will need to have at least six months left on the current contract now.

Sub Contractors, Fixed/short term contracts and Agency workers

Applications will be considered from the above employment types if the customer has a current continuous employment of 12 months or more with 6 months of the contract remaining or the customer has 2 years continuous service in the same type of employment.

Evidence of their employment track record may be required.

Customers should be treated as self employed if they pay their own tax or sub contract to more than one company.

IT and other contractors

For IT contractors on any income and other contractors whose income is more than £500 per day or £75,000 per annum: whether employed or self employed, we accept the gross value of the contract as evidence of income. All applicants must have a current continuous employment of 12 months or more with 6 months of the contract remaining or 2 years continuous service in the same type of employment.

nitsydes

@ kingstreet

Thanks for the info.

This, though, seems confusing to me still. Mainly as am not sure where my wife fits into this criteria.

She's been employed in this manner

1 - March 2010 to Nov 2011 (contract) council
2 - Jan 2012 to Nov 2013 (contract) council 2 same role as council 1
3 - March 2014 to May 2014 (contract) council 2 same role via agency
4 - June 2014 to present (6 month contract) new role

In your opinion how would we fare with this? I get a feeling it is starting to look negative.

kingstreet

The breaks inbetween won't go down well.

I suggest you speak to an independent broker about this, rather than try to force your square peg circumstances into the lender round hole.

Mortgage_Mark_2

If she hasn't worked in those gaps, Halifax will say no - guaranteed. Maximum 5/6 weeks in any calendar year for contractor criteria.

(Speak to a specialist rather than independent broker FYI)

nitsydes

@kingstreet
@Mortgage_Mark

Really appreciate your advice guys, would you be able to recommend any advisor in our circumstance? I have spoken to L&C who have suggested Halifax.

Could it be either of you guys perhaps?

Mortgage_Mark_2

Can't really be seen to name companies etc but a Google search will throw up several contractor specialists.

Good luck

kingstreet

We only work face to face in West Midlands/Staffs and with our panel builders, so probably not us thanks.

nitsydes

No worries guys. Appreciate all your help. Your messages have probably saved me a world of future pain. Now off to find a contract specialist.