Mortgage question - proof of income - Contractor UK Bulletin Board

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Mark McBurney@CMME replied

11 June 2015, 10:32
Originally posted by MarillionFan View Post

I've been hanging on in perm employment for a while because I wished to move and needed to show I was employed. Anyway, the house has fallen through and could be another six months or so before we even find the right house, so I'm thinking of just selling up, moving, jacking in my perm job & getting a contract and then renting for a while. This makes getting a mortgage more difficult.

What proof of income would I need in the following circumstances for a mortgage application and would I need to seek a contractor friendly one in the future(or could I still use a high street lender).

I do a self assessment each year regardless

2010-2011 - Contract(Ltd) + Self Employed(Shop)
2011-2012 - Contract(ltd) + Self Employed(Shop) + Employed
2012-2013 - Contract(ltd) + Employed
2013-2014 - Employed (Closed Ltd Here)
2014-2015 - Employed to date

If I go back into Contracting & open a new Ltd, at which point or with whom could I apply to get a mortgage.

Anyone have an idea?

Hi MF,

Worth a more detailed chat with a broker, but this should be possible as long as you've had no significant 'down time', even if you were to change to a Limited Company tomorrow. There are always SA302 documents to prove your income over the past few years in any case, which have become more and more popular amongst lenders as income proof.

Good luck and kind regards,
Mark.
Leave a comment:
eek replied

11 June 2015, 09:09
Ever thought of speaking to one of the advisers on here to see what they advise....

YANCOTBAC....
Leave a comment:
BrilloPad replied

11 June 2015, 09:03
I went through same recently. Spoke to mortgage advisor. I was contract until Nov 2009. Perm until May 2015. Contract now.

Apparently as I was permanent to contract, its like I am in my first ever contract!

I was still offered 90% on main home and 75% on a second home. Though I never got as far as discussing rates.

I am interested to see how you get on.

Good luck.
Leave a comment:
northernladuk replied

11 June 2015, 08:54
Have you asked your mortgage advisor?
Leave a comment:
MarillionFan started a topic Mortgage question - proof of income

11 June 2015, 08:53
Mortgage question - proof of income

I've been hanging on in perm employment for a while because I wished to move and needed to show I was employed. Anyway, the house has fallen through and could be another six months or so before we even find the right house, so I'm thinking of just selling up, moving, jacking in my perm job & getting a contract and then renting for a while. This makes getting a mortgage more difficult.

What proof of income would I need in the following circumstances for a mortgage application and would I need to seek a contractor friendly one in the future(or could I still use a high street lender).

I do a self assessment each year regardless

2010-2011 - Contract(Ltd) + Self Employed(Shop)
2011-2012 - Contract(ltd) + Self Employed(Shop) + Employed
2012-2013 - Contract(ltd) + Employed
2013-2014 - Employed (Closed Ltd Here)
2014-2015 - Employed to date

If I go back into Contracting & open a new Ltd, at which point or with whom could I apply to get a mortgage.

Anyone have an idea?
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