Can you get a mortgage with a short term contract?
HMO mortgages. Those with short-term contracts may find it difficult to secure a mortgage from mainstream lenders, as there is a larger risk attached to loans for those without guaranteed long-term employment. Lenders will want to know the time left required on your current contract before they consider you for a mortgage.
Can I get a mortgage with zero months left on contract?
Additionally, written confirmation of a renewal of your contract would encourage lenders to consider you even if there are zero months left in your current position. Breaks in employment can cause a problem for lenders as they will want to know that you have a reliable and consistent income to cover the monthly mortgage payments.
How long should I renew my contract to get a mortgage?
Lenders will want to know the time left required on your current contract before they consider you for a mortgage. This will vary between lenders between 3 and 12 months. Regular renewals of your contract will encourage lenders, making them more likely to consider you if you have only a few months left on your current contract.
Can I get a mortgage if I work for two agencies?
For agency workers applying for a mortgage, lenders will usually require you to be employed with the same agency for at least 12 months. However, there may be some specialist lenders that will consider your application if you have been working in the same role with a different agency for 12 months. Mortgage 5 times salary.