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    Smile Mortgage with time off between contracts

    Hi all, I took some time off for 5 months to study for some qualifications after which I went into a contract (which I've been on for nearly 6 months now).

    I am trying to get a First Time Buyer mortgage but it's proving a little difficult. The current broker I am using is from the estate agents and he's suggested to proceed with an application but there is a 50% chance it will succeed.

    Most brokers I have spoken to so far are a little hesitant as well. I am wondering whether anyone else has been in a similar situation? I'm starting to think no-one will loan to me.

    I've been contracting for 2 years & 8 months in total and with no other gaps.... I'm kinda regretting taking the time off now!

    The current broker I am using is called Sequence but I am currently in discussions with Freelancer Financials & Contractor Mortgages. I also have a meeting with Santander to see if they can do anything.

    Any advice would be greatly appreciated

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    Quote Originally Posted by Sheens83 View Post
    Hi all, I took some time off for 5 months to study for some qualifications after which I went into a contract (which I've been on for nearly 6 months now).

    I am trying to get a First Time Buyer mortgage but it's proving a little difficult. The current broker I am using is from the estate agents and he's suggested to proceed with an application but there is a 50% chance it will succeed.

    Most brokers I have spoken to so far are a little hesitant as well. I am wondering whether anyone else has been in a similar situation? I'm starting to think no-one will loan to me.

    I've been contracting for 2 years & 8 months in total and with no other gaps.... I'm kinda regretting taking the time off now!

    The current broker I am using is called Sequence but I am currently in discussions with Freelancer Financials & Contractor Mortgages. I also have a meeting with Santander to see if they can do anything.

    Any advice would be greatly appreciated
    Word of advice here, General isn't the right place for this sort of question, you'll probably just get flamed, trolled, or whatever. Post any sensible questions in the Acc/Legal forum.
    There is a contractor mortgage specialist, but as I've never used them, I can't give an opinion either way. All I would say is ignore anything that comes from an estate agents "preferred" mortgage adviser. They are almost always crap.
    His heart is in the right place - shame we can't say the same about his brain...

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    Quote Originally Posted by Sheens83 View Post
    Hi all, I took some time off for 5 months to study for some qualifications after which I went into a contract (which I've been on for nearly 6 months now).

    I am trying to get a First Time Buyer mortgage but it's proving a little difficult. The current broker I am using is from the estate agents and he's suggested to proceed with an application but there is a 50% chance it will succeed.

    Most brokers I have spoken to so far are a little hesitant as well. I am wondering whether anyone else has been in a similar situation? I'm starting to think no-one will loan to me.

    I've been contracting for 2 years & 8 months in total and with no other gaps.... I'm kinda regretting taking the time off now!

    The current broker I am using is called Sequence but I am currently in discussions with Freelancer Financials & Contractor Mortgages. I also have a meeting with Santander to see if they can do anything.

    Any advice would be greatly appreciated
    Depends on the lender. Nationwide look at a rolling 12 month period during which you can have up to 3 months out of contract.

    If you're 6 months into a contract after your 5 months out I guess that means you've got to stay in contract continuously for another 3 months before you're back in the zone again.

    Of course, this assumes you're going for a mortgage basdd on your day rate - which is where the best deals are.
    You could get one based on your accounts but I doubt you'd get a very good deal with 2 years worth of accounts.

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    Have you got a reasonable deposit to put down, I.e. 15%+? Lenders are more interested if their risk is lower. I'd also echo the thoughts of using a broker who is used to dealing with contractors as they will have a better idea of what you can or cannot get.
    Strong and Stable Moderation

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    Quote Originally Posted by Sheens83 View Post
    Hi all, I took some time off for 5 months to study for some qualifications after which I went into a contract (which I've been on for nearly 6 months now).

    I am trying to get a First Time Buyer mortgage but it's proving a little difficult. The current broker I am using is from the estate agents and he's suggested to proceed with an application but there is a 50% chance it will succeed.

    Most brokers I have spoken to so far are a little hesitant as well. I am wondering whether anyone else has been in a similar situation? I'm starting to think no-one will loan to me.

    I've been contracting for 2 years & 8 months in total and with no other gaps.... I'm kinda regretting taking the time off now!

    The current broker I am using is called Sequence but I am currently in discussions with Freelancer Financials & Contractor Mortgages. I also have a meeting with Santander to see if they can do anything.

    Any advice would be greatly appreciated
    Can you not go to a regular mortgage adviser? Rather than contract rates, explain that you want to use a lender that will look at your annual accounts. That is what I did the last time I got a mortgage (Nationwide through an adviser), and I take between 3-6 months off a year. I used Power Mortgages, can PM you the details of the broker if you want them.

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    You've got it covered if you are speaking to freelancer Financials and CM. Nothing more a bunch of contractors can add. They know the lenders that deal with contractors and they know the rules that apply. Each lender is different. Some won't allow gaps, others need you to be in contract before they will lend etc.

    I assume themlyve mentioned the Halifax option? They wanted me to be in contract with more than half of it left and weren't that bothered about gaps.

    I'd spend more time with them discussing your circumstances and try and meet the criteria of the nearest best option.
    Last edited by northernladuk; 26th August 2016 at 08:39.
    'CUK forum personality of 2011' - Winner - Yes really!!!!

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    Default Mortgage with time off between contracts

    Hi all, I am having difficulty finding a mortgage as most brokers are hesitant since I had 5 months off between my last and current contract.

    I explained that I have been studying and had exams between this period and most brokers understand but proving difficult to pitch this to lenders.

    I am currently working with the estate agent brokers called Sequence but all in discussions with Freelancer Financials and Contractor Mortgages made simple. Sequence said that my application needs to go the underwriters, but there is a 50% chance it will succeed/decline.

    My LTD company has been running for 2yrs and 8 months. I am a first time buyer and have 25% deposit for the house I am buying.

    I was wondering if anyone else has been in a similar situation and managed to successfully attain a mortgage. Any advice would be greatly appreciated. Thanks in advance

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    No need to post the same thread twice.

    You are better of asking admin to move your original thread to a professional part of the board. General isn't the place to ask such questions and you are were lucky your thread wasn't trolled.
    "You’re just a bad memory who doesn’t know when to go away" JR

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    Quote Originally Posted by Sheens83 View Post
    Hi all, I am having difficulty finding a mortgage as most brokers are hesitant since I had 5 months off between my last and current contract.

    I explained that I have been studying and had exams between this period and most brokers understand but proving difficult to pitch this to lenders.

    I am currently working with the estate agent brokers called Sequence but all in discussions with Freelancer Financials and Contractor Mortgages made simple. Sequence said that my application needs to go the underwriters, but there is a 50% chance it will succeed/decline.

    My LTD company has been running for 2yrs and 8 months. I am a first time buyer and have 25% deposit for the house I am buying.

    I was wondering if anyone else has been in a similar situation and managed to successfully attain a mortgage. Any advice would be greatly appreciated. Thanks in advance
    This might be a big reason for getting knocked back, I could be wrong but most brokers require a minimum of 3 years' accounts.

    qh
    He had a negative bluety on a quackhandle and was quadraspazzed on a lifeglug.

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    Quote Originally Posted by SueEllen View Post
    No need to post the same thread twice.

    You are better of asking admin to move your original thread to a professional part of the board. General isn't the place to ask such questions and you are were lucky your thread wasn't trolled.
    Sorry for this! I couldn't find my original post and thought it didn't go through. I'll find it now and adjust

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