getting a mortgage when on a 6 month umbrella contarct

lovehearts

My partner has a 6 month contract working for a investment bank and is struggling to get a mortgage.He has never been out of work and earns a good salary with a adequate deposit the only thing letting him down is the fact that he works under short contracts.
Is there anyone that knows any lenders that specialize in this?

Thrugelmir

6 month contract offers no security to a lender.

holly_hobby

If he is a Self Emp contractor, as oppossed to simply having a 6 mth employment contract with the bank, there are possible options.

Halifax were at one time happy to look at contractor mortgages. If you have a google, there are also various sources of seeking advice re contractor mortgages that will present themselves. Of course any lender is going to look at consistency in contracts over a prolonged period - and will request supporting accounts/HMRC data.

If however, your partner simply has a PAYE 6 mth employment contract, with no intention by the employer to renew or extend the arrangement - then he will struggle.

Hope this helps

Holly

tenacious

I am a contractor myself with my own limited company. I ony started in March this year after being in permanent employment for 11 years. I am currently waiting for our mortgage offer having gone through a specialist contractor mortgage company (Contractor Mortgages Made Easy). They have been great so far. I am not sure how it works with umbrella companies but it would be worth you giving them a call to see what they say. They know the area well and know which banks to approach who will lend to contractors.

I think Freelancer Financials are supposed to be good as well.

Hope this helps