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Mortgage when employed on fixed term contract?

  • 21-07-2017 7:29am
    #1
    Ma Walton
    Registered Users Posts: 12 ✭


    I'm a sole applicant hoping to borrow around 25% LTV to buy my cousin out of their share of a house we jointly inherited. I'll also be putting in around 100k capital (hence the low LTV ratio) and am planning on occupying the house. The amount of the mortgage would be less than 2 x my salary.

    Problem is...I'm employed on a fixed term contract. I work for a government funded agency (the kind where everyone thinks I'm a civil servant but I'm not) which is dependant on government funding/government approval to keep going and as a result none of us are on permanent contracts because, in theory, the government could pull the plug at any time. I'm here longer than 6 months and the contracts roll in 12 month cycles.

    Is there any hope for me? As yet I've only chatted with the mortgage advisor at my own bank who said a flat no. I'm mid 30s first time buyer.


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    It depends on how long you are employed with your current employer. If less than 1 year the only lender that will consider your application would be permanent tsb however I'm not sure how they would view the contract. Majority of HSE workers are on contracts and are getting mortgages depending on qualification and length of service.

    If you can't get approved by the usual lenders try the Credit Union as they are now doing mortgages. Best of Luck.


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