Fixed Term Contract Mortgages

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Fixed Term Contract Mortgages

Having a Fixed-Term Contract doesn’t necessarily mean you are not a suitable candidate to apply for a mortgage. It isn’t as straight forward as having a permanent employment contract but with the right advice it is possible to get a mortgage whilst being on a fixed term contract.

Lenders ultimately want to be reassured that you’ll be able to meet your mortgage repayments. The types of things a lender would want to know before agreeing to a mortgage include (but not limited to):

  • Work history – including gaps in between contracts/employment
  • Length of current contract (normally 12 month long from start date with at least 6 months remaining) OR You’ve been on the Fixed-term contract for 12 months with no breaks and currently have more than 3 months remaining – 6 months is always the ideal however)
  • How likely it is you’ll get a similar contract when the existing one ends.

It’s always best to speak to a mortgage advisor who has experience of Fixed-term contract workers. This can help you have a stronger application to submit to the most suitable lender/s and increase your chances of your mortgage being approved.

All mortgage applications are subject to affordability, criteria and credit status.

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