Getting mortgage with a temporary contract

tom.mcc

Hi there,

I'm a first-time buyer hoping to get a mortgage. I've just got a reasonably paid University position but it's a fixed-term research project of 3 years. I've been continuously employed on temporary contracts for 3 years since finishing my PhD, but there's no official guarantee of a job after this new 3 year contract finishes. Is that going to be a problem? Where should I be going to look for a mortgage? I've found mortgages for contract workers but I'm not quite in that situation: I have a steady salary rather than one that varies with work and my contract is for 3 years rather than a series of shorter periods.

Thanks in advance!

Dr Tom

evansc1

Just been inquiring with the banks the same sort of thing.

They have pretty much all said, so long as you have a track record of 'contracted work' and you have more than 6 months/12 months (depends on the bank it seems) remaining on the contract, you will be fine. Some of them mentioned being in the current contract for 6 months already, but the majority seem to want the continuous record of previous employment.

Hope that helps

tom.mcc

Very re-assuring. Thank you!
:j

HCM

You have a good track record of contracting and at least 1 year remaining of your current contract. I would also guess that the job involved with your new contract is in a similar line of work as your last one.


Good to go if you ask me.

tom.mcc

Great, thanks!

amnblog

This is manageable Dr T.

We placed similar earlier this year. Key is previous history on Contract.

A good broker can manage this for you.

tom.mcc

Brilliant! That sounds very promising.

Thanks