Fixed Term Contract… Mortgage Chances

LeanneL1987

Hi All,

I have recently started a new job it’s a FTC for 12 months and is a significant pay rise from my old Perm role (I am now on £55k) 

The only reason I took the role was for an increase in salary and I am hoping to secure a permanent role by the end of the next year. 

I am in the process of saving for a deposit however wanted to know anybodys recent experiences of securing a mortgage whilst on a FTC? 

I also have an outstanding personal loan with my bank which is currently £7,000 but I anticipate this being closer to £2k when I have saved my deposit. Will this affect my application as well? My monthly payments are well within my budget so no issues with that. 

I have the option of buying alone but I also have the option of buying with my partner - he is on a full time perm role (£28k) - so would make sense in terms of borrowing to include my salary on the application. However I wouldn’t want my FTC / Loan to affect anything? 

Any advice on how to plan the next 6-12 months would be much appreciated! 

Thanks  

[Deleted User]

If its your first contract it is going to be harder than if it had been extended in any way.   The longer you leave before applying then the harder it is as the contract has less to run.  There are some lenders that are ok with 1st contracts as long as it is in the same line of work as you were doing before.   Majority need a renewal in the background.   
Ive helped many people on 1st contracts so its not impossible but i've also had to tell a lot to wait for renewal. 

Re the loan,  the balance doesnt really matter. Only the monthly payments.