Mortgage on fixed term contract

Beal123

Hello,

Graduating in the summer but started my job early on a 2 year fixed term contract with an employer I have worked for part time since Nov 2012. My partner will be the main applicant will I be able to get mortgage that will start in September?

Any help much appreciated.

pinkteapot

You'll need to either use a broker, or ring round lenders to find out which ones will accept someone on a contract.

We bought last year with my hubby in a permanent job and me on a 2-year contract. We'd planned to go with HSBC but hadn't thought about the contract issue. They won't consider the salary of a non-permanent job.

We then went to a broker. He got us a mortgage with Santander - though they wouldn't consider my contract salary either but would lend us enough based on hubby's salary alone.

I asked for advice on here at the same time and was told there are lenders that will consider a contract salary, depending on how long the contract has left to run.

In your case, I'd recommend a broker unless you've got a lot of spare time to ring round lenders and find one who'd consider you.

Beal123

pinkteapot wrote: »

You'll need to either use a broker, or ring round lenders to find out which ones will accept someone on a contract.

We bought last year with my hubby in a permanent job and me on a 2-year contract. We'd planned to go with HSBC but hadn't thought about the contract issue. They won't consider the salary of a non-permanent job.

We then went to a broker. He got us a mortgage with Santander - though they wouldn't consider my contract salary either but would lend us enough based on hubby's salary alone.

I asked for advice on here at the same time and was told there are lenders that will consider a contract salary, depending on how long the contract has left to run.

In your case, I'd recommend a broker unless you've got a lot of spare time to ring round lenders and find one who'd consider you.

Do you mind me asking how long you had to run on your contract? We could possibly just get the mortgage on my partners earnings but it would be very close.

audigex

If your partner is very close with a full time contract, you'll likely find a broker willing to take you on.

Awenthomas

Hi,
Generally, there are three ways to get mortgage for contract workers
1. Self employed route
2. Lending Criteria for contractors
3. Lending criteria for zero hours workers
Thanks.

pinkteapot

Beal123 wrote: »

Do you mind me asking how long you had to run on your contract? We could possibly just get the mortgage on my partners earnings but it would be very close.

At the time, I still had 15 months to run on my contract. Neither HSBC nor Santander would consider my salary but Santander lent based on hubby's alone. My research suggested some lenders would include my salary, but then our interest rate would have been higher.

A broker is worth their weight in gold when you're not a straightforward case.