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Securing an excellent mortgage offer with Revolution Finance Brokers couldn't be easier
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3Mortgage Completion
Revolution Finance Brokers will finalise the details and enable you to move forward without delay!
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Mortgage on a Temporary Work Contract

Short-term work contracts can be a standard working format for millions. Today we'll explain how a mortgage lender will assess your contracts and how you can demonstrate a viable yearly income to qualify for the mortgage you want.

Having a temporary work contract? You can still get a mortgage

Millions of people work on short-term contracts, and there are always options to find mortgage lending through an independent broker.

More people work on fixed-term employment contracts than you might imagine, and there are plenty of lenders who are comfortable lending to agency workers and contractors.

Let's look at mortgages for temporary workers and how the mortgage application works. For help finding the best deals for you, give the Revolution Brokers team a call on 0330 304 3040, or email us at [email protected].

Can I Apply for a Mortgage on any Work Contract?

There are countless ways you might be employed, and the type of contract will impact the mortgage application process.

  • Fixed-term contracts have defined start and end dates. Many lenders will want to see your work history, depending on how long your existing contract has left.
  • Temporary agency workers don't have a fixed contract but generally, work on a short-term basis.
  • Short-term contracts can run for a few weeks or months. Lenders will want to consider your history, experience, and how many concurrent contractgs you have had.
  • Probationary period workers can apply from the first day with specialist lenders. Mainstream mortgage providers may need confirmation that the employer is likely to offer a permanent role before extending an offer to lend.

Are There Mortgages for Workers on Fixed Term Contracts?

Indeed there are. Lenders will look for consistent earnings and work history to feel confident that you will take up a new contract when your existing one ends.

Many lenders need to see at least six months remaining on your contract.

The issue is that fixed-term contracts are a higher risk for a lender, whether short or long-term. They need to verify that you can afford the repayments in the long-term and therefore need some assurances that you won't become out of work when your existing contract expires.

To mitigate that risk, a lender will consider:

  • What sort of role you do. Anything lower-skilled is considered a higher risk, whereas professional positions such as doctors, teachers or locums are less of a problem.
  • How long your existing contract has left to run. Many lenders need there to be at least six months remaining, and others at least a year.
  • Whether your contract has been renewed before, often with a requirement for this to have happened at least once.
  • How long you have been in your role, and what sort of experience you have.
  • The length of time you have been employed through your current agency or employer - the longer, the better, and the more stable the income is considered.
  • Whether there have been periods of unemployment or gaps between your previous contracts.

How Much Can I Borrow on a Mortgage as a Fixed-Term Contract Employee?

Most lenders will offer an absolute maximum of 95% of the property value, capped at five times your annual income.

A lot depends on the average you earn, the property's value, and how much deposit you have available to put down.

Expert Advice With Mortgages for Temporary Workers

Revolution finance broker negotiate thousands of mortgages every year for people on temporary contracts or with fixed-term employment.

We work with every client to evaluate your credit history, provide evidence of your income and employment, and negotiate rates and terms with the most suitable lenders.

Give the team a call on 0330 304 3040 or message us at [email protected] to discuss the best mortgage options out there and get your application started.

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