Halifax Mortgage: Gap in employment

[l35kee]

Just got a mortgage with Halifax myself in the last month, can confirm they just wanted to see 3 months or more left on my contract. I came straight from permie world with xx years of no gaps tho. Not sure that made a difference or not..

[SeanT]

Worrying considering some industries tend towards six month engagements...

[chopper]

Anyone recently got a mortgage from Halifax having a 6 week gap between contracts in the past year?

The official line in Halifax mortgage lending criteria:

Contractor - If applicant earns more than £500 per day or £75,000 per annum - providing 12 months or more continuous employment with 6 months of contract remaining OR 2 years continuous service (for the last 2 years at the date of the application) in the same type of employment

IT Contractors - providing 12 months or more continuous employment with 6 months of the contract remaining OR 2 years continuous service (for the last 2 years at the date of the application) in the same type of employment

As far as 'continuous service' is concerned, "Halifax underwriters don’t like to see more than a 6-week gap between contracts" (source Freelancer Financials).

[ShandyDrinker]

^^ WNLUKS

I'd seriously consider looking elsewhere.

I am in the final stages of going through a new mortgage process (been accepted and just waiting for all the paperwork). I've also been dealing with Freelancer Financials and have got a cracking rate although not with Halifax.

In short I've only had to provide my current contract (which has a few months left on it yet), CV and various other items you'd expect such as bank statements/proof of address/etc.

I've been very happy with their service so far.

[northernladuk]

I thought Halifax focused on how long of your current gig you've got and it was virgin that was touchy about the gaps?

Call John Yerou at Freelancer Financials. They got my Halifax one so will have plenty of experience.

[amrhady]

Hi There

Anyone recently got a mortgage from Halifax having a 6 week gap between contracts in the past year? I am currently in this situation. I am not sure if it'll be an issue or not.

Basically, I started my current contract back in September, but I was off for 6 weeks before that. (Holiday + Looking for contract.)

Does it actually make sense for me to wait till mid August before I make my mortgage application? (This way I would have had less than 6 weeks gap in the year preceding the application.)

I spoke with some mortgage advisors, and did some search but couldn't find something definitive. Some people mention a 4-week gap as acceptable, but others also mention 6-weeks.

Appreciate if anyone with a similar experience could share it. Thanks!