Mortgage approval for contractor/self-employed with LTV 50% loan

[gearoid]

Hi,

I have a general question about banks and mortgage applications.
I have been full time in IT for a long number of years and have recently gone contracting to up my savings rate, and to get experience in different sectors.

I was planning to buy a house next year at near the peak of the interest rate cycle, and go in with a mortgage of 50%LTV, and with a deposit of 200k+. I reckon that at that stage those with a large cash deposit will get a better deal as affordability is affected and the multiples offered are reduced.

Given I have an exemplary savings record, will the banks be willing to be flexible in terms of recent employment record as I move around companies and perhaps take one or two 1-2 month breaks?

I have a relationship with BoI for 10 years and I think they know I'm a good saver, but I want to talk to them about possibly buying mid-next year.

I was wondering whether I may have to take up a full-time job next year to achieve my goal or whether I can continue the consulting/contracting route that suits me better at present. While contracting I can save at least 2k per month so hope to have a mortgage in the 150k-200k band.

Gearoid

 

[minion]

i would imagine you would be an ideal prospect. Money in the bank already and a good record with them.
If the banks wont talk to you you could try a broker. They'll talk to them all for you.
You will probably need a couple of years accounts done. This will show what you earn and take home. your bank statements will show your good financial standing. Its what you earn over the years that counts, doesnt matter how much holidays you've taken.