Mortgages for Contractors

[TimberWolf]

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[JoJoGabor]

Yup because it's a great time to junk your permie role and get a short term contract just before getting yourself into the largest amount of debt you have ever had.....

Its a risk I know, but I've weighed up the pros and cons. I'm currently consulting, and getting the chop is never more than 3 weeks away - it all depends on how many chargeable days I rack up. The field I work in (virtualisation) is one field that is really taking off at the moment purely because it can save clients substnatial amounts of money which they are under pressure to do.

Got a good network of potential clients lined up. Even if I start off just getting 1 or 2 days per week, it will match my permie salary, and I'm hoping it will grow into something more like a small consultancy.

[Ardesco]

You do realise that in a couple of years at most interest rates will have drastically increased and your mortgage will probably be three time more expensive than it is now.

Interest rates are at an all time low and will not get any lower, taking into account the amount of debt that this country is in, there is only one way they can go from here.......

Can you afford to triple the amount of money you are paying into your mortgage on your new role?

[JoJoGabor]

Yeap I ralise that. In fact banks are curly runnng risk scenarios on interest rates being based at 15%. I dont know how likely they thin that is, but its possible!