Locums and mortgage applications

RE: Locums and mortgage applications

Paul Terzer — Thu, 15 Feb 2018 09:10:07 GMT

Thank you all for the replies :)

RE: Locums and mortgage applications

Nicola Cole — Mon, 12 Feb 2018 19:26:05 GMT

There is a list of mortgage companies that accept self employed accounts, usually 3 years required. If you google mortgage companies that accept SA302 as proof of income then it will give you the official list.

RE: Locums and mortgage applications

Arlo Guthrie — Mon, 12 Feb 2018 09:50:03 GMT

[quote user="Luca Bevilacqua"]

I applied and succeeded in 2013, I was working as a locum through my Ltd Co then and it was straightforward.

All they wanted to see was the annual accounts of the previous 5 years, they did not ask for any proof of future work. It was with Natwest but through a broker. It might be worth having a chat with one.[/quote]

A first time poster - welcome Luca Bevilacqua :)

RE: Locums and mortgage applications

Luca Bevilacqua — Mon, 12 Feb 2018 09:47:12 GMT

I applied and succeeded in 2013, I was working as a locum through my Ltd Co then and it was straightforward.

RE: Locums and mortgage applications

Rob Loxley — Mon, 12 Feb 2018 09:22:29 GMT

[quote user="Paul Terzer"]

My accountant has advised me that it very difficult! I have a decent deposit; I work through my limited company.

Any thoughts would be greatly appreciated!

[/quote]

I'd speak to a decent mortgage broker, who should have good experience of the lenders in the market

RE: Locums and mortgage applications

Kelly Cremers — Sun, 11 Feb 2018 19:27:11 GMT

I have been working as a locum since 2012 and have a mortgage via Halifax since 2015. They are ok with contract workers and when our mortgage was up for renewal, it was a very easy and straight forward process.

Don't try and get one with Nationwide, they refused our mortgage because of my contract worker status. And they were nice enough to let us know 4 weeks before the exchanging of contracts. So it was a rush to get another one sorted before we had to move out of our rented accommodation.

RE: Locums and mortgage applications

Paul Terzer — Sun, 11 Feb 2018 17:41:02 GMT

Thank you Michael and Laurence! Will see what the bank needs this week from me.

RE: Locums and mortgage applications

Laurence Webb — Sun, 11 Feb 2018 15:18:55 GMT

A locum who was with us in January just got a mortgage. I'm not sure but I think it was with Halifax.

RE: Locums and mortgage applications

Michael Woodhouse — Sun, 11 Feb 2018 14:11:40 GMT

If you have a good trading history (3 years of accounts) and are making decent money then it shouldn't be a problem. Do you have a booking diary showing future work?

I understand you can run into problems if you've only recently started locum work and have no trading history.