Getting A Mortgage With A Fixed Term Contract

Bardo_Pond

You're welcome! I would be 100% upfront with your situation, otherwise you're wasting your own time if nothing else (plus impact on your credit file if rejected).

To be honest I just Googled "intermediaries mortgage lending criteria" and I found Halifax, Santander and Virgin (I think). I then looked at the section on employment status e.g fixed term/contract workers and it stated in what situations they'd consider lending.

Now, I didn't judge this info as gospel BUT it made me realise getting a mortgage was possible. Obviously I told our broker straight off the bat about my contract so he knew who to apply to and who to not bother with.

Hope this helps.

Bardo_Pond

Guest101 wrote: »

remember after 2 years he gets full employment rights, after 4 years he's essentially permanent.


"unless the employer can show there is a good business reason not to do so". Some caution is still required here: I had fixed term contracts for over 4 yrs with the same employer but my funding was discontinued eventually and my contract wasn't renewed.

Guest101

Bardo_Pond wrote: »

Guest101 wrote: »

remember after 2 years he gets full employment rights, after 4 years he's essentially permanent.


"unless the employer can show there is a good business reason not to do so". Some caution is still required here: I had fixed term contracts for over 4 yrs with the same employer but my funding was discontinued eventually and my contract wasn't renewed.

A non-renewal is a dismissal and the full procedure should be followed (after 2 years especially)

Noctu

Nationwide are good with fixed term contracts. I'm on one (DH is permanent). Nationwide want you to have been in your post for at least 12 months OR have at least 2 years left on the contract. Sounds like your partner meets that criteria.

We moved house with Nationwide in Dec 2014 and they were fine with me being literally one week into a 4 year contract.

cloo

I can't remember who provides them, but I think I found some by googling 'mortgages for contractors' or something like that... I had to look at it as when we were looking to move, my husband was considering taking contracts but I knew it would create a problem, though luckily it didn't come to that.

I'm surprised lenders quibble about contracts of 2 years or more. In my husband's field they're usually about 6 months, I understand that being an issue, but honestly, these days who can say they're guaranteed not to be out of work at some point in the next few years?

Bardo_Pond

Guest101 wrote: »

Bardo_Pond wrote: »

A non-renewal is a dismissal and the full procedure should be followed (after 2 years especially)

Absolutely, it's a redundancy situation which must be carried out correctly - and if it is, the dismissal is deemed as fair.

Guest101

Bardo_Pond wrote: »

Absolutely, it's a redundancy situation which must be carried out correctly - and if it is, the dismissal is deemed as fair.

Absolutely. But that's the same for permanent and fixed term workers.

Emz101

Hi All

Apologies for not responding to you all sooner; you all have been very helpful and it is good to know the rights a person on a fixed term contract has. Last week was so stressful with the mortgage but luckily we have managed to get one without going to a broker as we tried our luck with Santander and luckily it paid off! (going to the broker would have been our next step though).

We now have a mortgage, but we are having issues with the house itself so it seems to be never ending this buying a house-malarkey!

I would like to thank you all so much for taking time out and responding to my post in the first place!