I’m near the end of my contract; can I still get a mortgage?

I’m near the end of my contract; can I still get a mortgage?
Contractor Mortgages

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Last Updated on September 18th, 2018 02:07am.

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Remembering what we said about security, the longer time left to serve on your current contract, the better.

Often, 4-6 weeks remaining on your contract will satisfy a lender. When you submit your other application documents, an underwriter will see your earnings’ consistency.

That said, life doesn’t always go to plan. You may see the house of your dreams when you only have two-three weeks left on your contract.

Don’t let the fact that you’ve only a short time left to run put you off applying for a mortgage. Because of our relationships with underwriters, we may be able to claim a special dispensation.

You could also ask your client or agency to offer you a contract extension early.

This will do more than extend your guaranteed work. It will show both your competence and a working relationship. If a lender can see both of these, it may improve your chances of securing a mortgage.

Author: John Yerou

John Yerou is the owner and founder of C&F Mortgages; a trading style & trade mark of the award winning Mortgage Quest Ltd. One of the most recognised names in providing mortgages for contractors and freelancers across the UK.

In 2004 John began his career in Financial Services as an independent mortgage adviser and broker. John has been instrumental in negotiating bespoke underwriting for contractors with high street lenders.

His presence in the industry as a go-to expert is growing by the day and he is regularly cited and writes in publications both locally and nationally.

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