Self-Employed / Subcontractor - changing 'employers' before mortgage

AD13

Hi,

My partner is self-employed in the construction industry and is paid via Hudsons Contract Services who are an agency. He has been contracted to the same 'employer' for 5-6 years, but has continued to be sent payslips by Hudsons.

We are FTB's searching for a house at the moment and will be applying for a mortgage anytime from a couple of weeks, to the remainder of the year.

If he were to change his job now and be contracted to another company, would that affect our mortgage application? i.e. does a lender look favourably on a self-employed person who has been at the same place for 5 years, and the fact that he'll have moved recently would mean he no longer has that great length of time in one place under his belt?

Important to note that the new company is also paid via the same agency, so it'll show his income and on his statements as being from Hudsons for a long continuous period, but who he is contracted to will start again from 0 days.

Hope this makes sense, thanks in advance!!

kingstreet

He'll be treated as self-employed and his averaged net profit will be taken from his SA302s, unless you use a lender which works his income from his CIS Contractor payslips/bank statements.

This works if income tax is deducted for him, before he is paid.

Consult a broker to establish the best route for your mortgage.

AD13

Thank you kingstreet does that mean that the amount of time he's spent contracted to one company is irrelevant, or he should continue at the same place to ensure a more positive application?

kingstreet

I can't see it making any difference as his payslips will continue as before if going CIS route and if not, SA302s say nothing about income source, just "profit from self-employment" or similar.

AD13

Thank you, that really helps