Two year employment contract - what do I do?

Smilerwoman

Hello
I have searched the thread for similar questions to this and the most recent ones I can see are from four years ago - apologies if I have done this wrong and you are all sick of answering this question!

I have a job interview on Tuesday for a really good job. I've been saving for a deposit for a home and myself and my husband have a few thousand pounds saved. Not loads, but it's a start.

This job is significantly better paid and will help us boost our savings quite a bit. We're almost debt free, so the extra pay rise will make quite a difference.

But the job is a two year contract so I'm not sure if that would mean I couldn't get a mortgage. I earn a lot more than my husband and I'm not sure that he could get a mortgage on his own.

I haven't got the job yet, obviously, so this may be totally premature.

We're first time buyers and don't really know anything about the system, which is why I'm asking!

Would the two year contract make a big difference?

Thanks in advance

prowla

The expectation is that you would get another contract (eg. elsewhere) at the end of the two years.

A lot of people in so-called "permanent" jobs move within two years anyway.

looknohands

I know the lender i applied to as self employed will take applications from contractors with 6 months remaining on their current contract for 12 month contracts, but also require evidence of consistent (no breaks more than 2 months) contracting for 24 months previously. You've been in permanent employment before your contracting, so a bit different but I'd imagine that's not a bad scenario at all, I would speak to a broker!

Nick_C

Try Santander. My OH is a an associate lecturer. He gets contracts that vary between 8 weeks and a year, and has regular work with three different universities. Santander gave us a mortgage, although we were lucky that we had a very good mortgage advisor in our branch who was battling with their rather obtuse underwriting team for us.

Your situation sounds much simpler.

Smilerwoman

Thank you for this - much appreciated advice!

I feel like such a beginner in this world!

GoldenShadow

I am on a 2.5 year graduate scheme which is fixed term i.e. no job at the end. OH and I got a mortgage last month. My mortgage broker advised we applied whilst I had 1 year at least left just for ease, but at the time I think our lender (Natwest) said 3 months remaining was OK. Depending on sector they might like to see more of a pattern of contracting, but as mine was a grad scheme and bearing in mind my sector (very common to contract) they were fine with it.

Noctu

Nationwide will lend, providing that you've been in the job for at least six months OR that you've got at least 24 months left on the contract. Obviously you couldn't satisfy the latter but once you've been working there for six months you should be fine on that side of things.

I was in the same boat this time last year, although I managed to swing a 4 year contract instead of the 2 year one I was anticipating, meaning that I could start the application process with Nationwide even before I'd started the job!

I'm sure there are other lenders (mentioned above) who are fine with this also but just to say that Nationwide are welcoming of fixed term contracts with the conditions above AND they are also fine with probation periods...

In my line of work (university based research) with a proliferation of short term contracts and unduly long probation periods Nationwide are quite good that way.

Good luck for your interview!