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Getting mortgage approval while working as a contractor???

  • 06-01-2004 3:55pm
    #1
    livEwirE
    Registered Users, Registered Users 2 Posts: 1,449 ✭✭✭


    Hi all,

    I'm in a bit of a dilema right now, I'm currently employed with a contracting agency, my contract expires in the next few weeks and is not being renewed(no fault of my own, the position I was in is being removed). I am looking around for a new job right now and am wondering whether to take a contracting position or permanent role?

    I will be applying for a mortgage in the next 6 months or so and I have been told by some people that If I have a contracting job I may be refused approval by a lot of mortgage companies! Is this true or what???

    What would you do if you were in my position?

    ~livEwirE~


Comments

  • #2
    mrterry
    Closed Accounts Posts: 32 ✭mrterry


    i have heard you need 1 and a half years time contracting before you can get a mortgage but i am not entirely certain.

    The accountants on www.askaboutmoney.com will know.


  • #3
    livEwirE
    Registered Users, Registered Users 2 Posts: 1,449 ✭✭✭livEwirE


    brilliant site m8, thx a million!


  • #4
    halkar
    Registered Users, Registered Users 2 Posts: 1,379 ✭✭✭halkar


    They probably will look at your employment history and if you are contracting with your own company setup then they will ask for at least 3 years audit or some figures from your accountant. Things can get crazy but best advices can be from the banks and mortgage lenders, try talking to few of them. I did it about 3 years ago and got a mortgage on my own fairly quick :) Not sure how things changed since then.


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