Agency Worker Mortgages
First off we’ll briefly identify the different types of “temporary work” and the criteria you’ll need to meet to get a mortgage on a fixed term contract.
Getting a Mortgage With a Fixed Term Contract
Fixed Term Contracts – As it sounds, these contracts have a specified start and end date agreed upon beginning the employment contract. In some instances, fixed term contracts do not specify a period but end upon completion of a specific task. Often, lenders will want to see a track record of previous work considered relevant.
Mortgages for Temp Agency Workers
Temp Agency / Temp Worker – Similar to a fixed term contracts, these are not expected to become permanent. These contracts tend not to have an end date usually and when they do they are subject to change.
The type of job role you have can impact which lenders will help you but don’t worry as we have our own team of professional advisors who can advise you.
Obtaining a Mortgage on a Short Term Contract
Short Term Contracts – Often defined by the length and the nature of a given project so they’re distinctly different from fixed term contracts. If you want to get a mortgage on a short term contract, like other forms of temporary work, a track record of experience within your role plays to your advantage.
Mortgages for Workers Within their Probation Period
Probation Periods – Common for employees when they begin new employment. These are usually for a period of 6 months, some only 3. However, some can be up to a maximum of 12. Often, they offer less favourable terms within that period, however, your full contractual rights begin on your first day of work. Whilst probationary periods can cause problems with many lenders, other lenders are willing to accept the risk (often depends on industry sector) and confirmation of employment beyond this date is not required.
If you’re looking for a mortgage and have a temporary job or are between jobs, you might find our article on obtaining a mortgage if you’ve just started a new job useful.
Can I Get a Mortgage on a Fixed Term Contract?
In short, yes. Whether you’re on a fixed term contract or an employee in your probation period, there are a number of options to obtain a mortgage in these circumstances.
Alternative employment contracts still prove a valid affordability status with many lenders as you are ‘in employment’ – some will require certain criteria like being in a contract for at least 6 months.
If you feel your situation does not fit into these categories, we help our customers based on their individual circumstances.
Next we’re focusing closely on the lending criteria for getting a mortgage for the different types of temporary jobs many people work in.
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