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Mortgage on fixed term contract

OCD
OCD Posts: 65 Forumite
in Mortgages & endowments
Hi,

I have recently joined and have been able to get some great advice.

My Sister is looking at buying a house soon. She is on a fixed term contract of 4 years and currently 6 month into it. Will she be able to get a mortgage?
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Comments

  • originalmiscellany
    originalmiscellany Posts: 1,655 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    They normally ask for upto 6 months pay slips (normally 3) and I would imagine if she has 3.5 years to go, then that shouldn't cause a problem.
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
  • OCD
    OCD Posts: 65 Forumite
    do they normally write to employers to find our their employment status?
  • originalmiscellany
    originalmiscellany Posts: 1,655 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    I imagine not, but that's just my thoughts rather than anything definite...
    If your sister has pay slips and a contract then I would bargain that would be more than enough.
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
  • OCD
    OCD Posts: 65 Forumite
    Thank you - would be great to have a few more opinions on this.
    Esp from brokers
  • OCD
    OCD Posts: 65 Forumite
    anyone else been on a contract and got a mortgage?
  • Phil_GT
    Phil_GT Posts: 196 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    OCD wrote: »
    do they normally write to employers to find our their employment status?


    yes they do

    well nationwide wrote to our misses boss to make sure she worked there and payslips were legit etc
  • Hugbubble
    Hugbubble Posts: 464 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    OCD wrote: »
    anyone else been on a contract and got a mortgage?

    Whilst having a permanent position myself, I work in a University where lots of people are on FTC, and many of my friends in this situation have been able to get a mortgage (many of them have had much less than 3.5 years to run too).
  • strawberries1
    strawberries1 Posts: 877 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Hi, what about if you've changed address in the few months preceeding? I have to leave my curent rented flat in a couple of weeks and I'm hoping to aply for a mortgage within 6months.
  • CloudCuckooLand
    CloudCuckooLand Posts: 1,905 Forumite
    strawberries1 wrote: »
    Hi, what about if you've changed address in the few months preceeding? I have to leave my curent rented flat in a couple of weeks and I'm hoping to aply for a mortgage within 6months.

    Make sure you get updated on the electoral roll...




    ...
    Act in haste, repent at leisure.

    dunstonh wrote:
    Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.
  • roboticpink
    roboticpink Posts: 84 Forumite
    Part of the Furniture Combo Breaker
    I've just been speaking with HSBC about this exact same matter. I earn about £27k and am on a fixed term contract lasting only 6 months. In my industry this is quite a long contract!

    I have been in this industry for four years, and have just worked out that in that entire time I have been unemployed for 3 months (1 in 2008 and 2 in 2007).

    Apart from being on a fixed term contract, on paper my accounts look pretty good. But HSBC won't take ANY of my earnings into account as I'm FTC with less than 2 years to go (and I never stand the chance of getting a 2 year contract - in my industry these basically don't exist).

    Does anyone know, is this just HSBC or are we going to have to buy a house solely based on BF's salary? :(

    Any help gladly received :)
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