Fixed Term Employment Contract - Mortgage Likelihood?

claireybee

Hi, my boyfriend and I are looking to buy our first home and have been waiting until I graduate as a psychiatric nurse which I did in December. I'm now working as a psych nurse on a fixed term 6 month contract but this could be renewed towards the end. My boyfriend has been in the same job for 6 years and gets good bonuses and pay rises each year. We have a deposit of around £20,000 and have no debts but are concerned that me being on a 6 month contract will stop us from getting a mortgage. If anyone has any advice about this it would be greatly appreciated! Thank you!

thepeachyone

I was in this position when I first qualified as a teacher. The lender suggested I get a letter from my employer to say that it was likely I would be kept on. The employer wouldnt commit themselves because the school budget was uncertain. I ended up not bothering with the mortgage. But I seem to remember that if you have been on a fixed term contract for over a year and its been renewed once, they look more favourably on you.

I also wasnt able to apply for one of those key worker type schemes because my contract wasnt permanent at first.

GGGG

May I suggest you speak to an independent (whole of market) broker?
With due respect to the many sensible people who post on these forums, the comparison sites available to the general public give limited product information; the professional sourcing systems have much more detailed product criteria, which enable brokers to "filter" an enquiry to include lenders who would accept contract workers, and thus save a lot of time & legwork.
As always, try to get a recommendation from someone you trust in order to choose your broker; the good ones get a large proportion of their business from established clients who have been happy with the service provided & are prepared to refer friends & family.