Mortgage - need a permanent job?

empirix

Hi,

Hoping somebody can share some light on this. I will be a "single first time buyer". What exactly qualifies me to get a mortgage. I am a contractor in IT so i wouldn't be in the permanent employmet category. Does this mean i am screwed?

Sorry for been so vague but i know next to nothing about this stuff.

Any info really appreciated.

cheers

Zambia

Best thing to do walk up to a bank and see what they will give you.

johnnyskeleton

I think if you're self employed they base it on your annual tax returns for the last two years. I think you might also need to prove that your taxes are paid up to date.

I would venture to suggest that if you don't have a steady source of income a mortgage might not be the best option.

The_Conductor

Once you can show 2 or 3 years of tax returns, and a C2 tax clearance cert, you should be fine. As a contractor you may have to pay a higher rate of interest, as its possible you may be perceived as a greater risk than a fulltime permanent employee.

patrickolee

I think it's 3 years accounts you need to show, from this they will deduce your income. Was in the same boat a couple of years ago. If you don't have 3 years accounts or if that is going to give you too low an income (due to contract gaps maybe?), the company you are contracting to might take you on permy? All you need is 6 months permy and you're sorted. That's what I ended up doing.

mastermind2005

What about my situation, working in an IT contract position not a sub contract, and then made permanent but i was oringinaly contracted by a service company? and not directly for the organisation i work for now?

patrickolee

Once you are paye, perm, for 6 months you should be fine. If you were originally contracted by a different company, then as far as the banks are concerned it was a different employment... i think.

faceman

i suggest goin to a broker rather than direct to a bank as he/she will be able to advise you better than one bank would