Can we get a mortgage with contract employment?

ckone

I'm currently a Natwest Mortgage customer, I am also permanently employed.

My girlfirend works on a contract basis and started back to work September last year after we had a baby. Since then she has completed a 6 month contract already in her discipline (quality assurance) and immediately started another contract due to finish this November, but which should continue as a rolling contract.

We're looking to buy a property together but natwest have said they wont consider my girlfriends salary against the lend as she is contract employed?

Will other lenders consider contract employed, as this must apply to many people accross the UK surely?

Does anyone else have experience of this kind of situation please?

pat1cp

apparently Clydesdale are contractor friendly......

Thrugelmir

ckone wrote: »

and immediately started another contract due to finish this November, but which should continue as a rolling contract.

Suggest that she continues to look for a permanent role. If the contract were to be terminated you would both be in financial trouble.

John424

Thrugelmir wrote: »

Suggest that she continues to look for a permanent role. If the contract were to be terminated you would both be in financial trouble.

Would or could? Very rash and rude assessment imo.

ckone

Thanks for the feedback so far, paying mortgage in the event my partner is out of work will not be an issue, in fact the move will increase her job opportunities. The problem is finding a lender who will accept our circumstances...

I have spoken to a broker who said if my partner has over a year of contract work with supporting evidence then she could be considered?

Would like I hear from people who have had a similar experience?

aha77

Hi

About to complete next week. Both my wife and myself are on fixed term contracts. Got a mortgage through Britannia (CO-OP Group). Their criteria is a minimum 1 year contract with at least 6 months remaining at time of application. Nationwide also accept contracts as do Halifax and a number of other lenders. Each has a slightly different criteria concerning fixed term contracts. Nationwide need at least one contract renewal and Halifax require 1 year in same job, for example . Suggest you get on the internet and do a bit of research and ringing around, but it is possible.

Unlike Thrugelmouse lenders have moved with the times and are aware that fixed term contracts are very common and standard in some industries.

Thrugelmir

John424 wrote: »

Would or could? Very rash and rude assessment imo.

My comment certainly wasn't rude. Taking on a 25 year commitment when employed on 6 month rolling contracts offering no long term security, is a gamble. Potentially a very costly one to the borrowers. So not something to be considered lightly.

That's if a lender will play ball.

ging84

My gf is a contractor we had no major problems with Halifax

The reality is that many reasonably big employees take on a decent % of their employees as contractors. There are very few jobs for life these days, i doubt many people can say with any certainty their company, their job and their industry will exist in the same way in 5-10 years let alone 25

lea_t88

Halifax will be a good bet.

I'm buying on my own and am also a contractor. I don't have a year working for the same company (move to different companies a lot) but they wanted a year in the same INDUSTRY if you didn't have a year's contract going forward.

Excellent to deal with too.

Sheila69

Thrugelmir wrote: »

My comment certainly wasn't rude. Taking on a 25 year commitment when employed on 6 month rolling contracts offering no long term security, is a gamble. Potentially a very costly one to the borrowers. So not something to be considered lightly.

That's if a lender will play ball.

And which "permanent" job has a 25 year notice period these days ?

I suspect the vast majority of people's jobs are actually nothing more than rolling 1 or 3 month contracts, as that is the length of their notice period.

John424

Thrugelmir wrote: »

My comment certainly wasn't rude. Taking on a 25 year commitment when employed on 6 month rolling contracts offering no long term security, is a gamble. Potentially a very costly one to the borrowers. So not something to be considered lightly.

That's if a lender will play ball.

It certainly was! it was preaching to somebody, he's already said his salary will cover the mortgage in the event of his girlfriend not being in contract. Just because this might fall foul of building society box ticking rules does not automatically assume the borrower will default and you should not make that assumption and preach it to him.