Fixed term contract likely to be a problem?

richmansworld

Hi,

My wife and I are looking to buy a house and have a large deposit saved up so the LTV ratio should be around 70%. Both of us have top notch credit scores.

However, I'm a researcher at a university on a fixed term contract initially for one year, but with the possibility of extension for an additional 2 years. I have worked continually with no gaps since finishing my PhD in 2005. Both of my previous two employers renewed my initial contract.

My wife is currently not working as she's looking after our baby.

Is the fact that my current employment contract only lasts for 1 year likely to stop us being able to get a mortgage?

Any advice would be much appreciated -thanks!

mij544

There a quite a few jobs out there where people have this type of contract, I arranged one for a client a little while ago who was in a west end show on a contract and had no issues providing you have copies of the contract for inspection.

Hope this helps

richmansworld

Thanks mj544 -that's reassuring.

The thing that made me worry was that the contract itself only says "1-year" on it with no specific mention of renewal possibilities.
Hopefully, I'll be able to get a letter from my employer stating about the possibility of renewal since this was stated explicitly on the job advert (and I've been told informally that renewal is likely).