MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
I'm considering leaving the safety of my permanent job and going contracting. Probably not the best time to do it, but he who dares Rodders!
Anyway, we're also planning on buying a house (if only we could find one) so could I get a mortgage if I went contracting?
I've been with my current employer for over 10 years and am (IMO) very secure here and comfortable, however years of below inflation pay rises are taking their toll. I've considered contracting before but have assumed that I'd be best waiting until we get a mortgage as I'll need employment history.
What sayeth the STW massive? Can you (easily) get a mortgage still if on short term contracts? We have a sizeable deposit, etc etc, so other than short term contracts and the lack of security I don't see what other issues there may be for the bank.
If I needed 12-24 months of history then it's sods law we'd find a house to buy two weeks after I start. SWMBO would not be impressed with that.
I think I know the answer, but thought I'd ask anyway!
I'm freelance and we're pretty keen to move. I already have a mortgage, but to move house and get a new mortgage the lenders want 2 years+ accounts. That's despite me earning significantly more than I used to!
However, if your partner is in a permanent job with a good income the lender may consider 12 month's worth of accounts.
It does depend on your specific situation so I'd talk to a mortgage broker. Personally, if I was you, I'd stick in the permanent job for a few more months until you move and then strike out on your own.
I'd get a mortgage first even if you have to stay in your current job for a year or so. Anyone with irregular income will struggle to get a mortgage at decent rates.
I got my mortgage before I left permieville 🙂
As I suspected. Will chat with a mortgage advisor just in case but sounds like I might need to stick it out a bit longer. Missus is at home with the kids so it's just my income, which makes things harder (all round!).
Thanks all
We just went through the same thing. I have a stable job and my wife is a freelance designer. Despite her being employed every working day for a year they would not take her salary into consideration, the the mortgage was solely based on mine and it was touch and go as I had recently taken a company car instead of allowance!!!
As per all the advice above, get the mortgage before you leave permiedom, otherwise it will be another 3+ years before you will be able to get a mortgage.
It may be possible to get one with less contracting history than 3+ years, but you will probably pay a penal rate of interest, and may not be able to borrow the amount you need.