I've recently been through all this myself.
In short, I had a mortgage offer approved based on my day rate.
Sold my house, found a property and had my offer accepted. Fast forward a few months and the purchase fell though. Then a few months on the bench pushed me over the 3 months in the last 12 that most lenders seem to consider acceptable.
I was looking at going back into long term rental.
Fortunately, Freelancer Financials got me a really competitive deal based on 3 years accounts. Admittedly, I wasn't after a very big loan and I think if you are going for a big mortgage you probably will need something on your day rate.
Unless you're desperate to move or you've found your dream property, I'd just sit tight, stay in contract and wait until you're back in the black in terms of months on the bench.
In short, I had a mortgage offer approved based on my day rate.
Sold my house, found a property and had my offer accepted. Fast forward a few months and the purchase fell though. Then a few months on the bench pushed me over the 3 months in the last 12 that most lenders seem to consider acceptable.
I was looking at going back into long term rental.
Fortunately, Freelancer Financials got me a really competitive deal based on 3 years accounts. Admittedly, I wasn't after a very big loan and I think if you are going for a big mortgage you probably will need something on your day rate.
Unless you're desperate to move or you've found your dream property, I'd just sit tight, stay in contract and wait until you're back in the black in terms of months on the bench.
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