Mortgage with employment gaps

Bookowl

Hi
I am wanting to apply for a mortgage in the next few years. I am 33 years old. I don’t know if there’s an age limit on mortgage applications?!

I currently have been unemployed for the last 18 months. I hope to get a job very soon. It’s a tough market out there now. Before the last 18 months my employment record was relatively steady with a few gaps. 

2017-18: 3 month gap 
2018-19: no gaps
2019-20- unemployed from feb 2020 to now

I am wanting to know how long I’d be need to be employed for in my next role before applying for a mortgage?! Starting to panic!! I have a good deposit of £30k-£35k and an excellent credit score. I’m worried my employment record will hold me back.

MaryNB

Depends on the lender. I got a mortgage from Halifax last year and they only required the most recent payslip. It can be from a new job, even when you're still on the probation part of a new permanent contract. 

The age limit to mortgages generally relates to how long the full mortgage term is. Many lenders won't let you continue your mortgage into retirement. At 33 you could get a 34 year term if you plan on retiring at 68. There are some mortgages available for those in retirement if you can show you can afford it.

Don't worry about your score. Only you and Experian/Equifax/TransUnion see it. A lender can't. They only see the information on your file and will do their own internal scoring. Banks will have different views on lending and affordability to the credit rating agencies. Check all three files (you can check for free, never pay) before you apply to make sure all the info is correct and there are no surprises like a CCJ you weren't aware of.