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'Fixed term' emploment and need a mortgage - do I need a permanent Job?

Last post Tue, Jan 30 2007, 9:46 AM by Louise Cuming. 1 replies.
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  •  Tue, Jan 30 2007, 9:46 AM

    Re: 'Fixed term' emploment and need a mortgage - do I need a permanent Job?

    Hi Dada

    No Lenders actively accept self-certification applications from first-time buyers on an equity release basis - so you will need to look for a mortgage with proved income.

    If you can get written confirmation from your employer that your contract will be made permanent from September 07, you will not have any issues. However, if this cannot be confirmed, it would be a case of understanding your full circumstances and talking the case through with individual Lenders to get agreement slightly outside policy. Most Lenders are comfortable Lending to applicants on fixed term contracts as that is becoming more common place. However, they look for a stable track record of renewed contracts and usually look for a minimum of 12 months continuity of employment that you cannot prove yet. So initially try and find out if your Employer is willing to confirm that your contract will be permanent from September. Failing that a good place to start would be your Bank, if they offer mortgage facilities.

    Good luck

    Louise
    • Post Points: 5
  •  Mon, Jan 29 2007, 9:33 PM

    'Fixed term' emploment and need a mortgage - do I need a permanent Job?

    Hi there,

    I've just started working as a FE teacher on a fixed term contract as of september and looking to buy a property through a shared ownership key worker scheme. What concerns me slightly is whether I can raise a mortgage with only having a fixed term contract (up to the end of August this year). I should add that my job is to be made permanent in September (and my employer could probably produce some documentation to back this up). My salary is £28k per annum. In addition to this I teach at a saturday music school which is permanent from which I earn £6k per year. I also have £16.5k in savings. It may not be of relevance but my housing association has already accepted my application to buy on the pretense that my position will be made permanent in september.

    Any help/ tips with this would be greatly appreciated - especially as to whether self certification could be a way forward.

    Many thanks!

    Dada
    • Post Points: 20