I’m near the end of my contract; can I still get a mortgage?

Remembering what we said about security, the longer time left to serve on your current contract, the better.

Often, 4-6 weeks remaining on your contract will satisfy a lender. When you submit your other application documents, an underwriter will see your earnings’ consistency.

That said, life doesn’t always go to plan. You may see the house of your dreams when you only have two-three weeks left on your contract.

Don’t let the fact that you’ve only a short time left to run put you off applying for a mortgage. Because of our relationships with underwriters, we may be able to claim a special dispensation.

You could also ask your client or agency to offer you a contract extension early.

This will do more than extend your guaranteed work. It will show both your competence and a working relationship. If a lender can see both of these, it may improve your chances of securing a mortgage.

Author: John Yerou

John Yerou is a pioneer of contractor mortgages and owner and founder of Freelancer Financials, Contractor Mortgages®, C&F Mortgages and Self Employed Mortgages, trading styles and brands of the award-winning Mortgage Quest Ltd.

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