Contract staff - problem getting a mortgage - Another good reason not to go into rese

silvercar

To be above board you have to answer all questions truthfully. The risk of not owning up to be a contractor is that the lender can pull the loan at any time if they find further info that they don't like.

So if you had a mortgage offer and exchanged contracts, then the lender found out you were a contractor, they would be within their rights to reject your application.

fam6fam6

silvercar wrote: »

To be above board you have to answer all questions truthfully. The risk of not owning up to be a contractor is that the lender can pull the loan at any time if they find further info that they don't like.

So if you had a mortgage offer and exchanged contracts, then the lender found out you were a contractor, they would be within their rights to reject your application.

This is what I'd imagined! I know two specific people who have played the game and not been found out - but it seems to me to be too big a risk!

Fergie73

You shouldn't have a problem with this. I'm on contract work and have just had an offer in principal - no problem at all. That was with my own bank, one of the biggest ones, who I've banked with for many years and previously had a mortgage with, so they know my credit history well. But I also saw a broker who didn't think there'd be a problem either. He said if the contract had been renewed once it would be fine.

fam6fam6

Fergie73 wrote: »

You shouldn't have a problem with this. I'm on contract work and have just had an offer in principal - no problem at all. That was with my own bank, one of the biggest ones, who I've banked with for many years and previously had a mortgage with, so they know my credit history well. But I also saw a broker who didn't think there'd be a problem either. He said if the contract had been renewed once it would be fine.

It's exactly that last phrase that is the problem. I'm moving from one university to another - so my contract has not been renewed once - it's a whole new contract.

Beginning to think I should just forget the whole thing - but any advice remains welcome

domcastro

I took out a mortgage when I was an RA. I probably said it was permanent and not fixed term. Universities have to start to realise how hard life is for fixed term RAs
ps. you should now try and get a permanent lectureship

binkyunk

I think it's up to you if you want to pursue a more research based career or a more teaching based career. I, for one, am a long-time contract researcher as I enjoy the flexibility and have chosen not to spend my time teaching. That said, I couldn't get a mortgage until I had my contract renewed at the same institution. Looks like it's going to end up being an expensive mortgage at the moment.

With respect to don't ask, don't tell (which seemed to be the CORE current question), I was asked so did tell. I have a couple of co-workers who weren't asked, have never mentioned it and never intend to. For them, the lenders never asked so they just let them assume their positions were perm'.

Good luck with it all!

gregdickson

I joined and employee benefit Trust which allows you to still work on different contracts but have a permanent employment status. I had no problem with the banks.

Good luck