Starting contracting - mortgage timings

[Emma Power Mortgages]

Id strongly advise getting any mortgage offer and house purchase sorted before making the jump.

You'll have a far greater chance of getting an offer when employed than being self employed. You'll also likely need at least a year's accounts, probably 2 or 3 to have a successful application when contracting.

Difficult to say whether a 3 month warchest would be sufficient because in some parts of the country, that would last 2 minutes while in others, if you're careful, it could last anything upto a year.

There are mortgage deals available to contractors from the first day they start their contract. These are available from the mainstream lending banks and are competitive with regards to mortgage rates. Maybe discuss with a broker to get an indication of these products, if you meet the criteria and compare with what you have access to now. You will probably find you can borrow a lot more based on your contract income as well

[pr1]

There are mortgage deals available to contractors from the first day they start their contract. These are available from the mainstream lending banks and are competitive with regards to mortgage rates. Maybe discuss with a broker to get an indication of these products, if you meet the criteria and compare with what you have access to now. You will probably find you can borrow a lot more based on your contract income as well

Not sure I'd be encouraging people to get a mortgage based on their contract rate after 1 day....

your home may be repossessed if you do not keep up repayments

[gables]

Difficult to say whether a 3 month warchest would be sufficient because in some parts of the country, that would last 2 minutes while in others, if you're careful, it could last anything upto a year.

Umm, surely a 3 month warchest will last 3 months ??

[Emma Power Mortgages]

Not sure I'd be encouraging people to get a mortgage based on their contract rate after 1 day....

your home may be repossessed if you do not keep up repayments

Of course, this is always is a consideration that must always be discussed with any mortgage client, that doesn't take away from the fact that they are available in the correct and responsible circumstances.