We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Fixed term employment and mortgages
Enigma80
Posts: 211 Forumite
Hi all, just wondered what the situation is with fixed term contract employment and the likelyhood of getting a mortgage. My partner is permanent, but I am on a contract with about a year left (not heard about renewal yet), but it's already been renewed once and this is my 5th year working in this field.
We have about 10% to put down, maybe 15% at a push but that would mean we wouldn't have anything left.
We seem to be managing now and I can't see a problem as we're paying out as it is as well as saving and tend to have enough left over each month.
A few people have told me not to make it any harder for myself by telling the lender I'm on contract and just to say I'm permament. I want to do things openly and honestly as I can, what ever helps me out long term. However, their argument is that it won't make a difference either way to me whether I'm permanent or contracting, it'll only make it harder to get a loan in the first place.
Does anyone have any ideas as to whether lenders are likely to accept an application from me?
We have about 10% to put down, maybe 15% at a push but that would mean we wouldn't have anything left.
We seem to be managing now and I can't see a problem as we're paying out as it is as well as saving and tend to have enough left over each month.
A few people have told me not to make it any harder for myself by telling the lender I'm on contract and just to say I'm permament. I want to do things openly and honestly as I can, what ever helps me out long term. However, their argument is that it won't make a difference either way to me whether I'm permanent or contracting, it'll only make it harder to get a loan in the first place.
Does anyone have any ideas as to whether lenders are likely to accept an application from me?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards