What kind of documentation will I need to provide lenders?

Every mortgage lenders have different requirements of the documents, which may or may not match each other. Some of the most basic documents required for the Fixed-term employment contracts mortgages are as follows:

  • Passport or driving licence
  • Proof of address
  • CV
  • Employment contract
  • Bank Statements

To ensure that your mortgage application should pass without any issues, its better to contact a mortgage broker for financial advice. You may also need to provide the tax return for some mortgage applications. Multiple issues on an application can decrease the choice of lenders that you may get, so always train better in practice before going to the field.

What deposit do I need for a fixed term contract mortgage?

There are various ranges of deposit size available similar to a permanently employed person. It means that 5% and 10% deposits options are available for individuals with a fixed term contract. Most of the options will depend on the time and the length of your contract available.

Will gaps in my work history be an issue?

Yes, gaps in your work history may create an issue in the mortgage application. But gaps that could be explained by redundancy, travelling and family matters are accepted by specialist lenders.

Can I apply for a mortgage even if this is my first ever job?

You can also apply for a mortgage if you have your first job with a fixed-term contract. Some lenders may want to look for your work history.

How long do you need to be left on a fixed-term contract to get a mortgage?

Different lenders have various policies regarding this. For example, some lenders may only need three months left, but they will also check if your contract was extended in the past or not. On the other hand, if you have more than six months left on your contract, you may get better mortgage deals and offers. To find the most suitable deal on your application, you need to contact a financial expert for mortgage advice.

Do you need to have already had a contract extension to get a mortgage?

Yes or no, some lenders look for your one year on a fixed-term contract, and if it is extended before, then there are high chances of considering your mortgage application. But, at the same time, some lenders may also consider without a minimum time on the contract.

Is a fixed term contract a permanent position?

The fixed-term contract and a permanent contract have similarities in lending rules, but you may need to contact a financial advisor to know further.

Do lenders also consider my current position for a mortgage.

Yes, lenders might consider your current position or job in the organisation.

Can you get a mortgage during the probationary period?

Yes, you can get a mortgage during the probationary period, but you may need to contact a market broker before applying.

What if I fail the mortgage repayment?

Failure to mortgage repayment will result in bad credit for you.

Can bad credit make it harder to get accepted for a mortgage?

Yes, bad credit could adversely affect your current and future mortgage application. It’s better to check your credit score before starting your mortgage application.

Is it easy to get a mortgage if I don’t have bad credit?

Yes, avoiding bad credit could give you a better mortgage rate.

Is there any minimum requirement for your fixed term contract mortgage?

Yes, there are minimum requirements that you need to consider. A mortgage broker will be able to help you with your application.

Do lenders also consider a basic salary requirement as lending criteria?

Yes, some lenders could also consider your basic salary as one of the criteria.