Part-year Permanent Contract and Mortgage

kestrel86

Hi there,

Just wondering if someone could advise me on whether I would be able to get a mortgage under the following circumstances.

I am currently employed on a permanent part-year contract - I work full time for 7 months out of 12, and am off for 5. My contract is permanent however, and I am always guaranteed to come back after my 5 months off.

My salary is £40,000/yr, but I am only paid for the 7 months I work. The company allows me to 'even out' my wage over 12 months, so I always have some money coming in, but because of the 5 months off effectively my salary per year works out in the mid 20k's.

I also earn bonuses which can vary between £200 and £1000+/month, but this money is not guaranteed (and I don't get the bonuses during my 5 months off).

I have a deposit of around £20,000 saved up, and would be looking to borrow somewhere in the region of £120,000 - I am hoping to have a larger deposit by the time I come to borrow.

Is getting a mortgage on this type of contract possible? Is it worth me even going to talk to someone about it?

Thanks

_Andy_

Hi and welcome to MSE

Not answering your question, but out of pure noseyness, what job is it you do?

Thrugelmir

If you are guaranteed in effect a monthly wage as you are in a permanent position. Then the months you work or not isn't relative.

You base salary is nearer £23k per annum. This may be more of an issue when you wish to borrow £120k for a mortgage.

Your bonuses fluctuate considerably. So its difficult to comment without knowing more. Though there shouldn't any reason why a lender will not take part of these into account.