Is a mortgage application on a 6 month contract possible?

KT1979

Hello,

I am currently working as a supply teacher doing day-to-day supply. I soon hope to get a more long-term contract and apply for a mortgage.

A number of jobs are being advertised covering maternity leave, which normally lasts for a minimum of 6 months. I would hope to get another job immediately after this contract ended but couldn’t guarantee this. If I was to get a job like this would I still be able to apply for a mortgage? Is there a minimum length contract that it is possible to get a mortgage with?

A full-time teaching position would give me a salary of £27,00 per year. I intend to get a joint mortgage with my partner who earns £20,000 a year. We are first time buyers and are looking for a 90% mortgage.

Thank you for reading this message and I hope you can advise me.

hydsta

If you're not sure of your employment prospects for the future, do not commit to a mortgage. Also a lender will want to see that you've been employed for about 6 months.
I think the minimum mortgage term you could get would be between 5-8 years. This would be feasible for a low amount of borrowing. If you are getting a sizeable mortgage on a low term your monthly payments would be unaffordable and you wouldnt pass affordability checks anyway.

Once you've got a full-time teaching position, and been at it for a while then you can consider a mortgage. Using the salaries you've quoted, you would be able to raise a mortgage of about 141k to 188k.

cmart021

Myself and my wife are in exactly the same position. I have a teaching contract and my wife is a supply teacher with a maternity. We have been to a mortgage advisor and he has informed us that he has managed to get mortgages for supply teachers recently with Halifax.

This may be because we are in Northern Ireland and the teaching situation is much worse than in England, with over 150 applying for 1 job, meaning supply work is the only way to go for a number of years.

Sorry I forgot to add depending on your location you could try for a key worker mortgage.

UK007BullDog

You definately need to see a good mortgage broker as the lenders are constantly changing their criteria.

If you can prove a solid track record of always finding work you could get a mortgage. However you might struggle to find a 90% mortgage. I think you would need to save up a lot more and look at a 75% mortgage.

KT1979

Thank you for your responses. :T

Just to clarify, when I do secure a full-time position do I have to wait 6 months before applying for a mortgae or does the amount of work history evidence required vary according to provider?

UK007BullDog

It depends on the lender. 3 to 6 months. As you are a teacher (professional) you should be OK.