Can I get a mortgage on a fixed contract?

amywilliams3011

Hi,

My other half and I are looking to buy our first home together. I've been studying to be a teacher so haven't had any proper income since 2018. My other half has been in full-time employment since 2013. I've been in full-time work since September 22 and have a fixed-term contract until August 2024. 

We've got our deposit but are struggling to find a lender who will take my earnings into consideration because I only have 7 months of employment history. We've been told by a mortgage advisor that my earnings won't be considered until September when I have 12 months of employment history.

There is a shared ownership property that has recently come on the market that would be ideal for us so just trying to see if anyone has had similar experiences and knows a way around it.

TIA 

kingstreet

NQT? If so, yes. Limited lender options but is possible.

FashionHeart

amywilliams3011 said:

Hi,

My other half and I are looking to buy our first home together. I've been studying to be a teacher so haven't had any proper income since 2018. My other half has been in full-time employment since 2013. I've been in full-time work since September 22 and have a fixed-term contract until August 2024. 

We've got our deposit but are struggling to find a lender who will take my earnings into consideration because I only have 7 months of employment history. We've been told by a mortgage advisor that my earnings won't be considered until September when I have 12 months of employment history.

There is a shared ownership property that has recently come on the market that would be ideal for us so just trying to see if anyone has had similar experiences and knows a way around it.

TIA 

I was in a similar situation at the start of the pandemic when I was on FTC and found it extremely difficult to get a mortgage.
It's simply because there's no guarantee that you'll get a permanent position thereafter your Fixed Term ends.
It's not impossible though, but it depends on personal circumstances.

MakingUpGround

I got a mortgage on a FTC back in 2018. My contract only had another 8 months to run with no guarantee of extension (and it wasn't extended). I used an independent broker and got a good deal too.  I did have less than 50 LTV so I don't know if that made a difference