Mortgage

[2scoops]

I'm planning ditching my permie job in April this year to go contracting, i'm also planning on moving house within the next six months. I currently have a mortgage based on 3.5 x my partners wage and 1 x my wage (she earns slightly more than me). My question is if i go contracting in April and the house sells say in June, how difficult is it going to be to get a new larger mortgage for the new house based on both of our salaries? i've heard some mortgage providers ask you to produce 3-6 months evidence of earnings if your a contractor. There could even been a chance of me being without a contract when the house sells.

Also it possible to re-mortgage for a larger amount now while i'm still a permie and then use the capital when we've found somewhere later on in the year?

[Troll]

I'm planning ditching my permie job in April this year to go contracting, i'm also planning on moving house within the next six months. I currently have a mortgage based on 3.5 x my partners wage and 1 x my wage (she earns slightly more than me). My question is if i go contracting in April and the house sells say in June, how difficult is it going to be to get a new larger mortgage for the new house based on both of our salaries? i've heard some mortgage providers ask you to produce 3-6 months evidence of earnings if your a contractor. There could even been a chance of me being without a contract when the house sells.

Also it possible to re-mortgage for a larger amount now while i'm still a permie and then use the capital when we've found somewhere later on in the year?

Is your 1st name Eddie ?

[n5gooner]

I'm planning ditching my permie job in April this year to go contracting, i'm also planning on moving house within the next six months. I currently have a mortgage based on 3.5 x my partners wage and 1 x my wage (she earns slightly more than me). My question is if i go contracting in April and the house sells say in June, how difficult is it going to be to get a new larger mortgage for the new house based on both of our salaries? i've heard some mortgage providers ask you to produce 3-6 months evidence of earnings if your a contractor. There could even been a chance of me being without a contract when the house sells.

Also it possible to re-mortgage for a larger amount now while i'm still a permie and then use the capital when we've found somewhere later on in the year?

or just go self-cert then you can 'say' you are earning any sum of money...

[DS23]

can't you just take the mortgage with you to the new house - they won't ask any questions.

[2scoops]

No first name isn't ED

Unfortunately we couldn't just take the mortgage with us, because we'd need to renegotiate as we looking at increasing our mortgage by about 50% for a larger property - as we now both earn alot more than we did when we originally took out the mortgage.

[ChimpMaster]

Just go contracting first for a couple of years and buy ur next house cash without any mortgage.

[lukemg]

All depends on how much equity/deposit you can bring to the table. If you can kick in 25%, then you are laughing, self-cert easy (they know they will get their 75% back if it/you go norks up). You also have a good record of paying the current mortgage which helps, hopefully not too much debt etc.
If you are looking for them to kick over >90%, that will be more of a struggle.
HTH

[Bear]

Assuming you get a contract then you're laughing. You'll probably get an offer far higher than on your permie salaries. (I've been offered just over half a mill without taking my partner into account).

There's a certain financials company specialising in contractors who can help (do a search)

If you don't get a contract - well that's harder.

[2scoops]

thanks for the advice

we will have enough currently in the bank for about a 15% deposit and then with the money we will hopefully make on the sale of our first house this should bump us up to being able to stump up a 30% deposit on a new mortgage

[Bagpuss]

No first name isn't ED

Unfortunately we couldn't just take the mortgage with us, because we'd need to renegotiate as we looking at increasing our mortgage by about 50% for a larger property - as we now both earn alot more than we did when we originally took out the mortgage.

You can have problems depending on the Lender. Many will require 3 years worth of accounts. The easiest way may be to use a broker, but this could also mean a crapier deal.

I would arrange a mortgage in principal now before you go contracting