Can't get mortgage after contract break

[heyya99]

I took a 5 month break out to do some volunteering. Because of this, according to Contractor Mortgages, no lenders will lend to me. One will lend after a 6 month unbroken gig, the rest after 10. I'm 1 month into a 6-monther.

Has the same happened any of you?

[northernladuk]

Nope but I've heard of the different criteria from different lenders so doesn't surprise me. At least 6 months left for one lender, no breaks for others. It's not straight forward even now.

[ContractorScum]

Oh dear. This is not what I want to hear today after submitting forms to a mortgage broker for a mortgage. I pretty much had the same amount of time out of contract (in contract now), but I did do 6 days on a client site after 3 months...but it wasn't working out. Followed by a further 2 months on the bench.

If you don't mind me asking, do you have much of a deposit?

[rocktronAMP]

Oh dear. This is not what I want to hear today after submitting forms to a mortgage broker for a mortgage. I pretty much had the same amount of time out of contract (in contract now), but I did do 6 days on a client site after 3 months...but it wasn't working out. Followed by a further 2 months on the bench.

If you don't mind me asking, do you have much of a deposit?

If you are a LTD company contractor, do you have 3 more years of accounts? e.g. a full set 2012 to 2015 or 2013 to 2016. If so, speak to Ashley of Power Mortgages for a second opinion.

[Major Hassle]

You don't even need a complete year of accounts just a current contract, have a chat with Freelancer Financials - they charge a fee but worth it for a hassle free service IMO

[Neil SuperContractors]

I took a 5 month break out to do some volunteering. Because of this, according to Contractor Mortgages, no lenders will lend to me. One will lend after a 6 month unbroken gig, the rest after 10. I'm 1 month into a 6-monther.

Has the same happened any of you?

We've seen many cases like this and there are mortgage lenders that will lend to you. The gap certainly limits your options but it doesn’t eliminate them all.

[Guesstimator]

You don't even need a complete year of accounts just a current contract, have a chat with Freelancer Financials - they charge a fee but worth it for a hassle free service IMO

I echo this. Duncan was great for me.

[NotAllThere]

A member of this site suggested lying on your application. This is mortgage fraud and a criminal offence. I've deleted the posts mentioning it. https://www.sentencingcouncil.org.uk..._guideline.pdf

Opportunistic mortgage fraud (e.g. by lying, falsifying documents) - 6 months to 4 years jail time.

[heyya99]

Oh dear. This is not what I want to hear today after submitting forms to a mortgage broker for a mortgage. I pretty much had the same amount of time out of contract (in contract now), but I did do 6 days on a client site after 3 months...but it wasn't working out. Followed by a further 2 months on the bench.

If you don't mind me asking, do you have much of a deposit?

15%

[SuperZ]

I do wonder sometimes why the government hasn't clamp down on fixed rate mortages as many could be caught out with this and lumbered with a high APR mortgage once the term ends (unable to move to a better deal). The purpose of fixed rate mortgages I thought was meant to be to help home owners starting out after buying a home so they can buy furniture etc. TOday people jump from fixed rate to fixed rate mortgage to escape the stupdily high APR after the fixed term is over.

Whether a new buyer or remortaging, best of luck.