New mortgage as a new contractor

leafyshin

I have been made redundant from a long term permanent job and I've started a 14 week contract, just a week ago. Therefore I don't have proof of self-employed earnings over x period of time as is usually required to get a mortgage.

I'm looking to move to a more expensive house and I'd need a small mortgage of about £50K, over a short period of up to 10 years.

Has anyone managed to get a mortgage recently in this position? How did you go about it and who lent the money?

Ideally I'd like an offset mortgage.

Thanks.

sal_III

It will be next toe impossible to find a lender under these circumstances. If the contract was for 6 months there might have been a Lender to assess your income based on mix of your previous perm income and the contract income, but 14 weeks is nothing. It often takes that much time to go through the buy/sell process, which will effectively make you unemployed at completion or shortly thereafter.

Even if you find a lender, do you think it wise to take on debt at a point in your life when your income is not secure?