Fixed term contracts...

lauren_hb

So my query is whether it is possible to get a mortgage on a fixed term contract?

I'm on a permanent contract and I have been for over 5 years, my partner has just gained his first job after being a family career. He's just received his contract that states it's a 12 month fixed term contract. His manager has stated they are developing this part of the company in which he is working and expect the contract to become permanent after 12 months.
Have we any chance of getting a joint mortgage? We have a large deposit and had been hoping to look to buy this summer but now feel this won't be possible.

RhysHSCC

Hi Lauren

Fixed term contracts are fine to get a mortgage with however they will want to see some history of employment (usually a minimum of a year) before they would consider lending.

Could you possibly get it in your sole name first and then add your partner later for a transfer of equity?

lauren_hb

Thanks for your reply.
I've looked into being a sole applicant and I wouldn't be lent very much at all, even on a fixed contract his salary will be more than mine. Our whole plan of being able to get a mortgage only works on jointly applying income wise, mine alone isn't enough.
I just feel like we've saved so hard and achieved our deposit, he's worked so hard to find a job and now he has it's yet another set back.

lauren_hb

Anyone have anything further which could help me/develop my understanding?

maas

When I was looking I found that all the high street lenders have a very similar criteria on FTC, that being the applicant must have been in the contract at least 12 months prior to application, or have at least 2 years remaining, or both.

Have a look at the intermediary websites which list the criteria for each lender.

lauren_hb

What are the intermediary websites if you don't mind me asking? Bit new to all this!

Lolly88

websites used by brokers. Just google the bank/building society name+intermediaries and you'll find them

lauren_hb

Lolly88 wrote: »

websites used by brokers. Just google the bank/building society name+intermediaries and you'll find them

Thank you! Actually quite interesting, haven't found any places that fit our situation as yet though.
Maybe speaking to a mortgage broker is the way to go