Mortgage on Fixed term contract

LeannePete2011

Hi

Our situation is I got made redundant from my job of 12 years in July due to partial site closure. I have since been employed on a temporary contract for what was our main customer on the same site starting Sept with a fixed 6 month contract. The likelihood is this will be extended to 12 when the 6 months is complete in March and my manager is saying they will do everything there is to keep me and make me permanent after this period (of course I know this means nothing on a Mortgage application as it is not solid evidence so therefore cannot be considered).

My partner works full time in permanent employment.

We have 25% Deposit to put down on the house. We are first time buyers in our early 30s. We have found the house we want. It is 150K. I earn 30K and my partner 25K with O/T.

My question is are there any lenders that will lend to someone who is half way through a 6 month fixed term contract.I have been working in the same industry for 12 years from being 21.

I've looked at a few of the main banks and this is not long enough. I would like to know of there is anyone out there that will.

Thanks

L x

Tryingtomoveout

Hi, I've got the same problem. Most require you to have worked for 12 continuous months with at least 6 months left on your contract.

To the best of my knowledge, santander do not have any hard and fast rules on contracts

Thrugelmir

LeannePete2011 wrote: »

My question is are there any lenders that will lend to someone who is half way through a 6 month fixed term contract.I have been working in the same industry for 12 years from being 21.

I've worked in the same industry for more years than I care to remember. All that matters is your current employment status. After all you are applying for a loan with a 25 year repayment period.

The likelihood is this will be extended to 12 when the 6 months is complete in March and my manager is saying they will do everything there is to keep me and make me permanent after this period (of course I know this means nothing on a Mortgage application as it is not solid evidence so therefore cannot be considered).

Perhaps wait and see. After all you'll know pretty soon.

JudyLemieux

Contract workers can find it a challenge to access traditional lending, particularly mortgages, as most lenders calculate affordability based on permanent salary, and previous avenues such as self certificated mortgages are no longer open. It’s even tougher if you're on a zero-hour contract, as you have no guarantee of work.
Here are three options you can try.
1. Self-employed route
2. Lending criteria for contractors
3. Lending criteria for zero-hours workers

moreoptions

Leanne, just wondering how your situation turned out? My partner and I are in a similar situation. Did you find any lenders who would consider you?