Perm to contractor after mortgage approval

Sls

Hi everyone!
I am seeking for an advice, we are in the middle of purchasing a property. Our mortgage was approved by Halifax( joint with hubby), searches were instructed last week. I’ve got a new job offer as a contractor with double salary. Currently, both of us are perms. I handed my notice but trying to drag the start date at new job so I have full 7 weeks from now in a hope we will complete by then. I know that I need to inform but I am kind a sure they will revoke the offer as it is from perm to contractor. Also, as I am on temp residence permit only Halifax and NatWest can lend us, we are already limited in choices. I am sure I don’t want to loose the opportunity as will be earning double money than I do now but very worried about the situation. What is your thought, please share?

Lilla_D

If you applied directly, you're likely doomed if Halifax finds out about you going from perm to contracting. If you applied via a broker, then happy days, the broker can easily sort things out for you. Simple as. I deal with lots of contractors and what you describe falls well within what I can sort out with Halifax without much ado.

Sls

Thanks.
Applied via a ma from estate agency. Contract is annual rolling, do you think it will ease the situation?
Thanks

Lilla_D

It should do. Halifax might ask to see that the first contracting payment hits your bank account, but as long as you stay within the same line of work and show a signed contract for a year, it shouldn't be an issue.

Sls

Thank you a lot! So, better to start as soon as possible rather later then. The job title is different however the job description fits what I do currently, and it is totally different industry. Do you think it can be an issue? I’ve read a lot that a lender will consider probation period as well, does it apply to contractors as well? And does it matter if I work as Limited or PAYE? Sorry for many questions, I will go back to my ma but want to know what to wait haven’t slept for 2 days:(

Lilla_D

Probationary period doesn't normally apply to contractors. Halifax is one of the few lenders, who can take contractors from day 1. Just tell your advisor all the details (show your contract and assignment schedule too) and he/she should be able to sort things out for you. And then you can sleep again

Sls

Thank you!!!