On a temporary contract but have a large deposit

Meeper

As I say, try an adviser to begin with. They should be able to have conversations with lenders to find out their criteria prior to submitting an application and thus not affect your credit score.

From memory, I think I have done cases such as this with Santander and NatWest in the past, however it is a while back now and I can't recall exactly. Definitely mainstream lenders though.

Wh05apk

Woolwich & Halifax also as long as it has been renewed.

Freamon

Thanks to everyone who replied to the original post. A small update: the person in question didn't get a mortgage. They went to a specialist contractor mortgage broker who charge fees, but were still not able to find a bank willing to lend them anything. They've been told their contract has been extended til December but there's no chance of any extensions after that as the company are moving the work to India.

darrinm81

Was this an online 'specialist contractor mortgage broker'?

How long had this person been working as a temporary worker? What were they doing before (unemployed/part time worker...)? Are they are UK resident?

Based on one lender I looked at, their lending criteria require at least 24 months work history where applicant has a 6 month contract. There is no reference to shorter contracts.

Currently on a 12 month contract:
 Current contract must have at least 6 months remaining, or evidence of new/renewed 12 month
contract must be provided and:
 The customer’s previous contract must be provided to show:
 A term of 12 months, and:
 Continuous employment on this basis (i.e. no more than a 2 month gap between contracts)

Currently on a 6 month contract:
 Current contract must have at least 3 months remaining, or evidence of new/renewed 6 month contract
must be provided and:
 Evidence of 24 months continuous employment on this basis (i.e. no more than a 2 month gap
between contracts).

Freamon

They had been a temporary worker since August 2010 (prior to that they had a permanent job). So they don't fit in to any of those criteria.