Fixed term contract

electrodent

Hi all, hoping for some pointers. I'm a first time buyer currently employed on a fixed term contract running until end march 2015. I'm happy that I'll get an extension or find other work beyond that, but how does that play with my ability to get a mortgage? I read that it's harder to get a mortgage with less than 12 months on the contract, is that right? And if so does that mean if I don't complete on a purchase before March 2014 it makes things harder for me?

Paully232000

I am on a fixed term contract and the terms of the mortgage were that you had to have one of the following,
12 months already lapsed on any contract, or 12 months still left to run on said contract. This also applied, i was told (although not applicable to me) if there was a history of contracts in a similar area. So several one year contracts all after one another for example.

We went through a broker and got a mortgage at a good rate 2.89% fixed for 5 years at 75% LTV.

However, you have not said if there are other parties in the mortgage as with mine my partner is on a full time perm contract. But this could have just had an impact on the amount we could borrow and not that if i was alone and wanting a mortgage I wouldnt get one.

Our mortgage was with Accord and through a broker, and couldn't have done it without a lot of ringing around and hassle without her.

kingstreet

Career/history in same industry, record of past contracts, time remaining on current contract.

All influence lenders in their approach. A good whole market broker will fin the best option for you at the time.

electrodent

Thanks. Just me on the mortgage. It's a 23 month contract in total so about 9 months have lapsed on it. I'm looking to have a 20% deposit.