Getting mortgage with a contract-based job

Bayesian_Roller

I am working as a Research Assistant in a respectable London college, and my contract is renewed on an annual basis. The pay is decent, but I'm worried that the contract issue may cause some problems when applying for a mortgage.

Has anyone here been in a similar situation, and what was the outcome?

TIA.

herbiesjp

There are lenders that will look at your situation i.e. contract worker. Provided it has been renewed and there is a track record you will find a mortgage. It then boils down to what figures you are looking at.

dougk_2

First thing to do is to ask your personeel to do a to whom it concerns letter, which states your job title role, etc and that your contract is due to end on xxx but it is likely to be extended.

This will give you additional support when you make a mortgage applications.

Lenders all have their own criteria , so some will not worry too much about you being on a contract and others won't like it!

My partner is a lecturer at a uni and we had a similar issue , however Abbey were happy when we supplied a letter from the employer saying the contract is likely to be extended at the end of its term. Her orginal lender Direct Line was not bothered at all when she first took out the mortgage.