Change to Contractor & Re-newing Mortgage

[BroadWay81]

Hi all, I’m after some advice regarding contracting and mortgages. I’m thinking of going from full-time employed to working on a freelance basis. The timing of making this decision will depend on the mortgage situation. My two year fixed rate mortgage comes to an end May-16 and switches to a standard variable rate, which is nearly double the current rate!

Ideally I’d like to commence contracting before May-16. Does anybody know whether my existing mortgage provider would require proof of income if I were to obtain another fixed term product with them at that point?

Any help appreciated, thanks

[sumo69]

You should PM Sarnie - he is the mortgage guru on here.

From my limited knowledge, you will need at least 1 years full accounts to remortgage so you may need to have a very careful think before jumping the employment ship.

David

[0000]

What sort of contracting? IT? If so there are specialist brokers that will find you a mortgage based on your day rate.

[russ_a]

I have recently turned to the darkside and also need a new mortgage. No accounts are required, just a valid contract and no large breaks in your employment history.

[TheAllSeeingPie]

For any kind of high street mortgage you'll need 3 years accounts and personal tax returns from my experience. If you use someone like Contractor Mortgages you'll get a better deal and not need the 3 years of stuff, although in your case I'd probably talk to them before you take the plunge.