Can I Get A Mortgage As A Contractor

Anna in Sheffield is saying that she’s been working on her first contract. She’s a contractor, but only for a few months – ‘Can she get a mortgage?’ This is getting much easier. Lenders are coming round to the fact that people are working on short-term contracts these days. You don’t just take a job at age 18 and stay at the same place all of your life. People’s working patterns have definitely changed. There are lenders at the moment that would give you a mortgage on your very first contract as long as it’s got 12 months remaining. Again, I can think of another lender that would give you a mortgage after three months into the contract, as long as it’s got six months remaining. But as we speak most lenders need you to be in the contract for, or to have been, a contractor for 12 months. And once it gets renewed once then you got access to pretty much the full market. So it is getting easier. This was an issue we found a few years ago, with Newly Qualified Teachers. But again, we’ve got options for those type of applicants as well now. So this is something that I think going forward won’t be as problematic as it was in the past.

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