Contractor, 5 yr contract

namsoni

Hi all,

Firstly, thanks to everyone who participates in this forum, I've already learnt a lot just searching through the threads. I thought I'd post about my specific situation though to get your thoughts. I'm currently employed in a permanent position, but am soon to move to an external consultancy position. The contract is for five years, with performance related increments along the way. For all intents and purposes its a staff contract, but not sure if a lender will see it that way. I'm a first time buyer, and have no debts apart from the remained of my student loan. Would be good to get any of your thoughts on the likelihood of me being able to secure a mortgage, particularly as I am yet to start.

Thanks again,

N

amnblog

if it is in a similar role you should be OK.

Consult a broker.

ACG

I do not do many contractor mortgages, but when I do most lenders say that you need to have had your contract renewed at least once and have 12 months left to run. It sounds like you fall foul of the first and so I think a lot of lenders would say no - purely on the basis that their criteria is black and white with very little room for manouvre.

I do think it can be done, but I think you will need a broker.

However, I could be completely wrong as its not something I have had to research myself.

Zoology_Dragon

I'm not a contractor but I'm on a fixed term contract. I had no trouble getting a (joint) mortgage two years ago. Lenders had varying requirements but the one we went with (BoI) I just had to have at least six months left on my contract.