Hi everyone,
I have been contracting for nearly three years now and looking to get a mortgage shortly but thinking of potential problems that may hinder the application process.
I have had gaps between each of my contracts over these 3 years and that's just been down to the time it has taken to secure new contracts. These gaps range between 1 to 3 months. I have recently secured a new contract for 6 months paying £325 daily. When I apply for the contractor mortgage do I mention the gaps over the 3 years of contracting or does that not matter as I have a new contract for 6 months?
My partner is permie and we would like to go forward for a joint application but her credit history is poor (has taken out pay day loans in the past) and has a few defaults. Would it be more beneficial for me to go for a contractor mortgage on my own? Obviously my partner would be helping with mortgage repayments but can some sort of contract be drawn up for this arrangement?
My deposit is £90,000 at the moment but looking to put down around £100000 to buy a £350000 new build home.
Any advice is appreciated and any recommendations for brokers please?
Thanks in advance!
I have been contracting for nearly three years now and looking to get a mortgage shortly but thinking of potential problems that may hinder the application process.
I have had gaps between each of my contracts over these 3 years and that's just been down to the time it has taken to secure new contracts. These gaps range between 1 to 3 months. I have recently secured a new contract for 6 months paying £325 daily. When I apply for the contractor mortgage do I mention the gaps over the 3 years of contracting or does that not matter as I have a new contract for 6 months?
My partner is permie and we would like to go forward for a joint application but her credit history is poor (has taken out pay day loans in the past) and has a few defaults. Would it be more beneficial for me to go for a contractor mortgage on my own? Obviously my partner would be helping with mortgage repayments but can some sort of contract be drawn up for this arrangement?
My deposit is £90,000 at the moment but looking to put down around £100000 to buy a £350000 new build home.
Any advice is appreciated and any recommendations for brokers please?
Thanks in advance!
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