Self-Build Mortgages for people on fixed-term contracts

[AnnaKH]

Hi there,

Looking for advice from anyone that has encountered applying for a self-build mortgage whilst on a fixed term employment contract? Also, does anyone have experience of applying for a mortgage whilst moving to a new job? I'm interested to know how long a lender might need me to have been with a new employer. 

 

Thanks,

Anna

[Bozza]

I think the scenario you present itself is probably less relevant than other individual factors, namely credit score, whether this is your first mortgage or you have a good history with mortgage payments, gaps in employment etc, longevity of contract etc etc, LTV etc.

 

From my recollection it’s standard to present 3 months of income.  When we secured our SB mortgage my wife had recently changed jobs but showed a history of income and employment.
 

I’m fairly certain that someone consistently earning a decent wage from back to back contracts in a stable and in demand industry would be seen as lower risk than someone in another permanent but risky role (Post Office investigator, Tory MP, or football manager).  
 

Many here have had excellent experiences with Ecology BS.  Including me.  Just give them a phone, they’ll never be able to give a definitive pre application answer but certainly a steer.

 

Even if someone here advises they have secured a mortgage while on a fixed term contract (which there will be), their circs will of course be entirely different to yours.

 

There will be other factors in their decision to lend, LTV etc, that will impact overall on the risk you present to a lender.

 

good luck !

 

 

 

 

 

 

 

 

 

[Square Feet]

Phone Buildstore.  I have been amazed at what they are able to offer. They are really focussed on this sort of lending.

https://www.buildstore.co.uk/