Mortgage on fixed term contract

OCD

roboticpink wrote: »

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

I'm not sure, but hopefully we'll find out. Would be good to have the advice of someone with some inside knowledge, like a broker. It may not be as black and white as I imagine it. A number of factors are likely to be taken in to account, length of contract left to run (+obviously credit history etc.) to assess overall "risk".

A_M_S_2

I'm a university based researcher working on fixed term contracts. I am currently 7 months into a 1 year contract earning 26,000, and have another one starting in November 2012; which will give me a rise to 36,000 and last 2.5 years. I have 70,000 deposit on a 170,000 house and have a reasonable amount of other savings, plus good credit (I assume) and no other loans or debt etc that should adversely affect things.

I approached HSBC as they offer the best rates at the moment. After some initial uncertainty, I was told that I could make an application and it should be a strong one; although it still might be rejected by the underwriter on the basis of my employment situation. I'm waiting to hear on Monday what they have to say and will post the outcome.

Dave_Ham

Hi and welcome - you would have been better off starting your own thread, as this is an old one..

You will get a mortgage on your details, although not convinced it will be with HSBC..

Good luck in any case.

jetblack61

Hi there,
I too am on a FTC (University based as some of the others point out). My contract is for 1 year, and when we applied for my mortgage I had less than 6 months to run, but I do have another contract set up to go to (18 months).

We applied for our mortgage with Britannia and was told that it wasn't a problem as long as I had 6 months left to run on my current contract or evidence of the next one being in place. I got a letter from my employer to say I have another to go and took it when we made the full application. They contacted both our employers as part of the application (partner is permanently employed), but gave us a mortgage despite my employment status.

Hope this helps