Big gap in employment history

[CharlieV78]

Me and my partner own our house but neither of us work at the moment and we both have big gaps in our employment history. The plan is, once we have employment to look in to moving and mortgages.

Would this completely ruin our chances of being accepted for a mortgage?

Thanks

[Niobe]

Hi and welcome.

Are you in an IVA at all?

[MelanieGiles]

The mortgage company may be concerned about your employment patterns, and you will probably need to pyt a deposit down on a property. It may be better to get a clear year of employment under your belts before you take the plunge to buy a property - and unemployment insurance would be very sensible.

[CharlieV78]

Thank you for your replies. I'm not in an IVA, would you recommend it?

[Shining]

you would only need an IVA if you're insolvent?

[plasticdaft]

Gaps in employment history need not be an issue but banks will need to see you can afford the mortgage payments.

You say you currently own your own house so do you have a mortgage just now?

Paul

[MelanieGiles]

Do you have unsecured debts that you are struggling to repay Charlie?

[CharlieV78]

Yes we have this house. No mortgage and no debts so thats good, just no work. My partner has an interview tomorrow, so fingers crossed

We would just really like to move soon, but looks like we will have to wait until we are settled into employment for quite sometime before trying to get a mortgage

[plasticdaft]

Lucky position to be in owning a house outright!! My mortgage only has 19 years to go!!!

Paul

[plasticdaft]

Lucky position to be in owning a house outright!! My mortgage only has 19 years to go!!!

Paul

[luluj]

I would certainly wait until you are in employment and consider contacting Ryan our mortgage expert...depending on the level of mortgage you require against property value Ryan will be able to advise as to which is the most appropriate way forward on this...,his details can be found on the left hand side under ask the experts