Mortgage for contractor who took a career break

dcontractor

Hi, I'm an IT contractor who started contracting in 2012 and just over a year later I went travelling for about a year. I started contracting again in October 2014 so I have been doing it for about 6 months now. My contract was just renewed for 1 more year (Until April 2016).

But since I took a break I have a gap of over a year in contracting. Is there any chance that lenders would consider providing me with a mortgage?

Thanks in advance.

Mortgage_Mark_2

As a contractor specialist broker, gaps are a bit pitfall for many contractors. As a rule, no gaps in the last 2yrs is ideal, but as a fallback no gaps in the last 12 months is essential, unless no more than 5/6 weeks.

The reality, unfortunately, with a gap of a year up to 6 months ago, is that your lending options are restricted to a lender who may not check your CV (but whose criteria will certainly omit you from their lending), or to base lending on company accounts, if you work through a Limited Company. That's the only option you have prior to October 2015, sadly.

dcontractor

Thanks Mark,

So you think there is a chance of getting a mortgage after completeting 12 months?

Mortgage_Mark_2

Hi dcontractor,

You may have options with an unbroken 12 month spell, yes.