Posted on 15 February 2012 by Apurva

Hi, I was made redundant last year in June and since then I have been freelancing. My current mortgage is up for renewal in March. For that reason I had been to my mortgage adviser and explained him my situation and that I am a freelancer now. So he said getting a mortgage in this situation is not impossible, I guess that means I will be very limited to only certain lenders. Moving on, he said that for the bank to lend me the money, I have got to asure them and provide them a proof that the company where I am freelancing/contracting will keep me for a further or upto 2 years. Now in this situation how do I go about it?? No company is going to be sure about that.

Or the other condition was that I have to be employed by my Umbrella company for at least a year and then I may qualify. So the worse case senario is that I will have to wait till my 12 months are done with the Umbrella company. The down side is that I will have to pay the banks current variable rate till my 12 months are done. I would like to save that money and put it towards the capital of my mortgage.

Can you please help me and point me in the correct direction.


It is true that it has been easier to get a mortgage in the past than it is now, but that does not mean that it is impossible.  Whether or not we can help you will depend on many factors, including what line of work you are in now compared to when you were employed, the value of any contracts you have gained since going freelance, whether you wish to borrow more money or just remortgage the same debt and how much equity you have.  This list is by no means exhaustive.

Perhaps the main advantage that John Charcol has over your existing adviser is that we have access to lenders all over the country who have learnt to trust the business we place with them.  If having talked to you,we think that there are good reasons why someone should lend to you, then I am confident that we will be able to arrange a mortgage for you.

Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to arrange a meeting where you can have an in depth conversation about your situation.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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