Fixed term contract and mortgage application

boboli

Hi
My husband and I are selling our house and relocating to be closer to family to help with childcare etc.

we will rent for a while until we get on our feet. My husband will do supply teaching and I will do interim work or fixed term contracts.

My question is that when we decide to get mortgage, will it be imperative that we both have perm jobs ie not supply/fixed term contracts?

It would be helpful to get a feel for this as will influence course of action in our jobs

Thanks

Gary123456790

Hi,

It will make it more difficult to secure a mortgage and the rate may be a bit higher but it should be possible. This of course depends on what your contracts are like (i.e. whether its 12 month or 3 month contracts) and how much deposit you have.

Have a talk to a specialist broker like http://www.contractormoney.com/

They should be able to give you an indication based on your circumstances.

On the plus side you are probably earning more as a contractor so may be able to build your deposit faster.

Gary.