Getting a mortgage with a fixed-term contract might seem challenging, but it’s not impossible. While many lenders prefer borrowers with stable employment, there are still options available for individuals on fixed-term contracts. In this blog post, we’ll explore the steps you can take to increase your chances of securing a mortgage deal.

1. Understand your financial situation

The first step in getting a mortgage with a fixed-term contract is to assess your financial situation. Consider your income stability, credit score, and debt-to-income ratio. By understanding where you stand financially, you’ll have a better idea of the type of mortgage you can qualify for.

2. Save for a larger deposit

One way to improve your chances of getting a mortgage is to save for a larger deposit. Lenders are more likely to consider your application if you can provide a higher deposit amount. Aim for at least a 10% deposit, but the more you save, the better your chances become.

3. Build a strong credit history

Having a good credit history is crucial when applying for a mortgage. Lenders want to see that you are responsible with credit and capable of making regular payments. Make sure to pay all your bills on time, avoid unnecessary debt, and check your credit report regularly for any errors that need rectifying.

4. Find a specialist lender

While traditional lenders might be hesitant to approve a mortgage for individuals on fixed-term contracts, specialized lenders often have more flexible criteria. Research lenders who specialize in mortgages for self-employed or contract workers. These lenders understand the unique challenges you may face and can offer more tailored solutions to your situation.

5. Provide proof of income and stability

To strengthen your mortgage application, be prepared to provide proof of income and stability. Gather your payslips, contracts, and bank statements to demonstrate your earning potential and financial stability. Providing as much evidence as possible will improve your chances of getting approved.

6. Seek professional advice

Obtaining a mortgage is a significant financial decision, and it’s always advisable to seek professional advice. Mortgage brokers specialize in finding the best mortgage deals for various situations, including individuals on fixed-term contracts. They have access to a wide range of lenders and can offer expert guidance to increase your chances of getting a mortgage.

Getting a mortgage with a fixed-term contract may require some extra effort, but it is certainly possible. By understanding your financial situation, saving for a larger deposit, building a strong credit history, researching specialist lenders, providing proof of income, and seeking professional advice, you can increase your chances of securing a mortgage that suits your needs.

  • Understand your financial situation
  • Save for a larger deposit
  • Build a strong credit history
  • Find a specialist lender
  • Provide proof of income and stability
  • Seek professional advice
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