msn81

Hi All,

Searched these forums and online but can't seem to find an answer to this.

I've finally landed myself a contract job and plan to buy a home towards the end of the year. I'll need a mortgage and can put down a sizeable deposit, but as my job is contracted for 12 months (it's likely to last for 4-6 years, but I will get my contract renewed annually), what are the chances of a bank giving me a mortgage with this type of job? Does anyone have any similar experiences? Any recommendations?

Cheers
Mark

Dorothy

We borrowed for our house with me being on contract. We only had to show that I had been working for 6 months for the same employer. It's of course going to depend on the lender, but it can be done.

Amazulu

No problem getting a mortgage as a contractor.

hoofie2002

Agreed it's relatively easy. They might want to see 3 months of salary going into your bank account but that's about it. If you have a nice big deposit the bank will be happy also.

Talk to the bank where your salary is paid into first as they will be the most likely to want to help.

thlo

Yes, success will depend on your personal circumstances and of course your cash position. Smaller deposit will make things more difficult.

msn81

Thanks all for the advice and information! Good to know, I'll speak to my bank as the first port of call!

Cheers
Mark

iburrows

Quote:

Originally Posted by Dorothy

We borrowed for our house with me being on contract. We only had to show that I had been working for 6 months for the same employer. It's of course going to depend on the lender, but it can be done.

Hi Dorothy,

One problem you will find when trying to get a contractor mortgage is that many high street lenders dont really understand how contracting works and wont take into account all of your contract earnings.

There are a number of specialist companies that specialise in finding mortgages for contractors and it may be an idea to try one of them as they can usually get the lender to take all of your contract earnings into account.

Good Luck and keep us posted

Ian

Dorothy

Why would a high street bank be interested in lending me money? I'm in Australia and as posted already have a mortgage. We've borrowed the money, built the house and moved in.