Mortgage application on fixed term contract

Avalanche123

Hi,

just wondering whether this is an issue for lenders. The nature of my job means that I am on fixed-term contracts. The next one is due to finish end of August 2023. So far, we have an appointment for the application and HSBC only wanted one payslip for me and my husband, nothing else. They will ask for our ID and address during the application.

How likely is this to be an issue? Will they even ask us if we are permanent?

coachman12

Obviously fixed term contracts pose difficulties for lenders but it's still possible to get a mortgage. 
It will depend on your history and how much you earn, as well as other personal circumstances. 
If I were you, I would apply via a broker who specialises in fixed term contracts business---there must be quite a few on google, I imagine. I feel strongly that a broker should be an important part of your plans.
The very best of luck.

Avalanche123

coachman12 said:

Obviously fixed term contracts pose difficulties for lenders but it's still possible to get a mortgage. 
It will depend on your history and how much you earn, as well as other personal circumstances. 
If I were you, I would apply via a broker who specialises in fixed term contracts business---there must be quite a few on google, I imagine. I feel strongly that a broker should be an important part of your plans.
The very best of luck

Thank you. The bank never asked about the length of my contract so far. My colleague said she was also never asked and she went through with a full application.

We cant use broker at the moment as the rates are not great for 90% LVT.

I have a great credit rating though:)

coachman12

Avalanche123 said:

coachman12 said:

Obviously fixed term contracts pose difficulties for lenders but it's still possible to get a mortgage. 
It will depend on your history and how much you earn, as well as other personal circumstances. 
If I were you, I would apply via a broker who specialises in fixed term contracts business---there must be quite a few on google, I imagine. I feel strongly that a broker should be an important part of your plans.
The very best of luck

Thank you. The bank never asked about the length of my contract so far. My colleague said she was also never asked and she went through with a full application.

We cant use broker at the moment as the rates are not great for 90% LVT.

I have a great credit rating though:)

Sounds OK from what you say Avalanche, so I will be keeping my fingers crossed for you. Pity though that the specialist broker is a non-starter for you. Cheers.

Avalanche123

coachman12 said:

Avalanche123 said:

coachman12 said:

Obviously fixed term contracts pose difficulties for lenders but it's still possible to get a mortgage. 
It will depend on your history and how much you earn, as well as other personal circumstances. 
If I were you, I would apply via a broker who specialises in fixed term contracts business---there must be quite a few on google, I imagine. I feel strongly that a broker should be an important part of your plans.
The very best of luck

Thank you. The bank never asked about the length of my contract so far. My colleague said she was also never asked and she went through with a full application.

We cant use broker at the moment as the rates are not great for 90% LVT.

I have a great credit rating though:)

Sounds OK from what you say Avalanche, so I will be keeping my fingers crossed for you. Pity though that the specialist broker is a non-starter for you. Cheers.

I am worried now, to tell the truth. I found my banks' intermediaries and I haven't been continuously employed in the last year, I was finishing my PhD so I am not sure what is going to happen.

If we get declined we might have to save up more deposit (or more lendres will come back at 90%) and hopefully can then use a broker.

coachman12

Avalanche123 said:

coachman12 said:

Avalanche123 said:

coachman12 said:

Obviously fixed term contracts pose difficulties for lenders but it's still possible to get a mortgage. 
It will depend on your history and how much you earn, as well as other personal circumstances. 
If I were you, I would apply via a broker who specialises in fixed term contracts business---there must be quite a few on google, I imagine. I feel strongly that a broker should be an important part of your plans.
The very best of luck

Thank you. The bank never asked about the length of my contract so far. My colleague said she was also never asked and she went through with a full application.

We cant use broker at the moment as the rates are not great for 90% LVT.

I have a great credit rating though:)

Sounds OK from what you say Avalanche, so I will be keeping my fingers crossed for you. Pity though that the specialist broker is a non-starter for you. Cheers.

I am worried now, to tell the truth. I found my banks' intermediaries and I haven't been continuously employed in the last year, I was finishing my PhD so I am not sure what is going to happen.

If we get declined we might have to save up more deposit (or more lendres will come back at 90%) and hopefully can then use a broker.

Let us know the outcome, Avalanche, if you have a moment. Perhaps a second avenue of approach might be possible if you can find the right lender. But get all the figures for your income over the past few years ready, and details of how easy it is to obtain new fixed term contracts in your line of work.
Once again, fingers crossed and all the very best.

pinkteapot

Do let us know what happens, as when we bought in 2015 HSBC were a blanket "no" for any non-permanent job. We'd been HSBC customers for years and always had HSBC mortgages. I happened to be in a two-year fixed term job at the time and thought nothing of it, then had a bit of a panic when they turned us down! A broker sorted us out with another lender though.  

Definitely be interested to hear if HSBC have changed their policy. We're back with them now as we're both in permanent roles. It certainly used to be the case that they tended to have the best rates because they were one of the pickiest lenders (so presumably have a lower rate of defaulting customers compared to other lenders).

Avalanche123

pinkteapot said:

Do let us know what happens, as when we bought in 2015 HSBC were a blanket "no" for any non-permanent job. We'd been HSBC customers for years and always had HSBC mortgages. I happened to be in a two-year fixed term job at the time and thought nothing of it, then had a bit of a panic when they turned us down! A broker sorted us out with another lender though.  

Definitely be interested to hear if HSBC have changed their policy. We're back with them now as we're both in permanent roles. It certainly used to be the case that they tended to have the best rates because they were one of the pickiest lenders (so presumably have a lower rate of defaulting customers compared to other lenders).

I got a bit nervous actually. I have been in the role for only 9 months and they require 12. I will speak to the advisor tomorrow and see what he says but I am actually starting to doubt this will work. I am pretty angry tbh