Having a fixed term contract does not preclude you from getting a mortgage but lenders will want to see that there is some track record of earning on this basis. Just as with self employed borrowers it’s about proving the level of income, so that the mortgage will be affordable now and going forward.
Additionally, can you get a mortgage on a 6 month contract?
The short answer is, yes! Many lenders are willing to work with those on temporary contracts. If you can provide evidence of past earnings, most lenders won’t see it as a problem.
Herein, will I get a mortgage without a permanent job?
A No, you won’t necessarily have to wait until your husband is in a permanent job to get a mortgage. … Lenders like to know that the mortgage loan they advance you is going to be repaid so they like to see evidence of ongoing earnings.
How long can you be employed on a fixed term contract?
four years
Are fixed term contracts good?
Fixed–term contracts can be a great way to increase labour when it is required and putting employees on a probationary period to evaluate their work before offering them a permanent contract within the organisation. Secondments and maternity/paternity leave can be covered effectively and efficiently.
Which banks give mortgages to contractors?
Below are a list of ‘contractor-friendly’ mortgage lenders and a summary of what they offer:
- Clydesdale. Clydesdale accepts applications from any freelance occupation as long as they meet the minimum income threshold. …
- Halifax. …
- Kensington. …
- Leeds Building Society. …
- Metro Bank.
How long must you be employed to get a mortgage?
How long you have to be at a job to qualify, by mortgage type
| Loan Type | Employment Length Required |
|---|---|
| Conventional | Two years of related history. Need to be at current job 6 months if applicant has employment gaps |
| FHA loan | Two years of related history. Need to be at current job 6 months if applicant has employment gaps |
Can I get a mortgage based on a job offer?
The Mortgage Lender wants to see written confirmation in the form a job offer letter and a copy of the employment contract. Verbal agreements are not sufficient. … Additional income such as bonuses and duty pay must be a “guaranteed” feature in the contract to be taken, and make sense to the Mortgage Underwriter.
Do mortgage providers contact employers?
The mortgage provider may contact your employer to confirm your earnings but this isn’t normally necessary unless you’ve only started a new job recently. If you’re been working in the same job for a while, they only need to see evidence of your salary slips for the last 3-6 mths.
Is it hard to get a mortgage as a contractor?
Being a contractor may have put you off getting a mortgage. You might’ve heard that you can’t get one, or that it’s really difficult to get approval. Getting a mortgage as a contractor is entirely possible! Contractor mortgages do vary slightly from those available to people on a payroll.