Mortgage for contractor/Temporary Employee

Minni86

I am looking at purchasing a property on a shared ownership basis (50% as a single person.

I work for a large company as a contractor - this contract is on a rolling basis of every 6 months. They have written me a letter only confirming i am currently on an assignment which is anticipated to continue.

The property is 117.500 and i am offering a 26k deposit.

Do you know what the chances are like for getting a mortgage on this?

kingstreet

So, your fixed contracts have been six months duration, have been renewed at least once and do you have six months remaining on current contract?

If no to the latter, do you have two years history in the same field?

If so, should be fine.

It's 78% loan to value, which sounds fine, subject to affordability. The rent and ground rent & service charges will have to be taken into account therein.

Mortgage_Mark_2

It depends on a lot more than you've mentioned here. You might well have options but there are a few things that we don't know that could mean you have no options.

Have a look on Google for a contractor specialist broker and speak with them, sooner rather than later.

Minni86

I have another contract which will commence in October but this cannot be generated or show until then. My credit rating is high and I also had the affordability approved. I'm just not sure info will be granted a mortgage. Waiting game I guess!

Mortgage_Mark_2

Minni86 wrote: »

I have another contract which will commence in October but this cannot be generated or show until then. My credit rating is high and I also had the affordability approved. I'm just not sure info will be granted a mortgage. Waiting game I guess!

Contact a contractor specialist broker, you may well not need six months remaining!