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Can we get a mortgage on a Contractors wage?

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  • Can we get a mortgage on a Contractors wage?

    My boyfriend and I would like to get a mortgage as we both currently live with our parents around 40 miles apart. I am in permanent employment earning £14000.00 (and have been promised a pay rise). My boyfriend was made redundant last year and has taken a job as a contractor, with no way of knowing how long the job will last, earning around £19000 (much less than his previous job). I was wondering if it would be possible for us to get a mortgage? We wouldn't want anything big, perhaps borrow £70000 with a deposit of £10000. I have a funny feeling I already know the answers but would be very greatful for any advice. Thanks very much in advance.

  • #2
    Re: Can we get a mortgage on a Contractors wage?

    It doesn't sound unrealistic, but as your boyfriend is effectively self-employed this may make using his income for the mortgage application more challenging - not least because you'll need his accounts signed off by an accountant, and I suspect changes have been too recent for a full accounting year to take place.

    I know self-certified mortgages are under a lot of pressure at present, but it's certainly feasible that they may be available for your combined incomes.

    Definitely recommend speaking to a mortgage advisor or broker, and see what options and recommendations they can come up with.

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