Mortgage on Fixed term contracts

restless6

Hi.
I have two jobs- one is on a zero hours contract and the other is 15mths fixed term. If it is renewed it will be two years fixed term.

Would I be considered for a mortgage? If my fixed term job is not renewed- or i dont get it, then i will increase my zero hours job to make an equivalent income. This is easily done as it is better paid and plenty hours available.

I worry that if I have to wait for a permanent contract then I might be too old. I am 39 now.

amnblog

Your options depend on your track record in these roles Restless.


If Lenders can see you have been earning regularly for 12 months or more they will take a view.


A case for a Broker.

Mortgage_Mark_2

Definitely one for a broker, preferably a contractor specialist. Most lenders with a vague contractor policy will preclude you on the basis that you have more than one contract and therefore will judge you on 'self employed' criteria, regardless of whether you're actually PAYE or not.

restless6

Thank you for the replies.
Both jobs are with the NHS and I am PAYE.

I have been in continuous employment for a long time and hope to stay so!
An added complication is it would be a Right to Buy purchase which I believe means not all mortgage providers will take.

I think like you both said; I would have to employ a broker.

Senior_Paper_Monitor

NHS Bank opens yet another potential can of worms (and RTB brings a few further issues) - an experienced broker is likely to be major benefit for you on this one.