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  • FIRST POST
    • Sls
    • By Sls 5th Jul 18, 10:24 PM
    • 6Posts
    • 1Thanks
    Sls
    Perm to contractor after mortgage approval
    • #1
    • 5th Jul 18, 10:24 PM
    Perm to contractor after mortgage approval 5th Jul 18 at 10:24 PM
    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. Iíve 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 donít 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?
Page 1
    • Lilla D
    • By Lilla D 6th Jul 18, 12:09 AM
    • 339 Posts
    • 178 Thanks
    Lilla D
    • #2
    • 6th Jul 18, 12:09 AM
    • #2
    • 6th Jul 18, 12:09 AM
    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.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Sls
    • By Sls 6th Jul 18, 6:27 AM
    • 6 Posts
    • 1 Thanks
    Sls
    • #3
    • 6th Jul 18, 6:27 AM
    • #3
    • 6th Jul 18, 6:27 AM
    Thanks.
    Applied via a ma from estate agency. Contract is annual rolling, do you think it will ease the situation?
    Thanks
    • Lilla D
    • By Lilla D 6th Jul 18, 7:26 AM
    • 339 Posts
    • 178 Thanks
    Lilla D
    • #4
    • 6th Jul 18, 7:26 AM
    • #4
    • 6th Jul 18, 7:26 AM
    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.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Sls
    • By Sls 6th Jul 18, 7:46 AM
    • 6 Posts
    • 1 Thanks
    Sls
    • #5
    • 6th Jul 18, 7:46 AM
    • #5
    • 6th Jul 18, 7:46 AM
    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? Iíve 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 havenít slept for 2 days
    • Lilla D
    • By Lilla D 6th Jul 18, 7:57 AM
    • 339 Posts
    • 178 Thanks
    Lilla D
    • #6
    • 6th Jul 18, 7:57 AM
    • #6
    • 6th Jul 18, 7:57 AM
    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
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Sls
    • By Sls 6th Jul 18, 9:27 AM
    • 6 Posts
    • 1 Thanks
    Sls
    • #7
    • 6th Jul 18, 9:27 AM
    • #7
    • 6th Jul 18, 9:27 AM
    Thank you!!!
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