What if you’re a first-time contractor?

If you are a first-time contractor, getting a mortgage may still be possible even with a shorter track record. Many lenders will look beyond the length of time you have been contracting and focus on your wider experience in the same industry. For example, if you moved from permanent employment into a contract role within the same profession, that continuity can be very helpful. Lenders may ask for your previous employment history, CV, current contract and evidence of income received so far. Some lenders are comfortable with only one active contract if your overall profile is strong. Deposit size and clean credit history become even more important in these cases. (habito.com) Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.