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Mortgage Challenge for Contract Workers

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It has become almost impossible for many contract workers to get a mortgage, even though their income may be high and P60 looks good. To be considered for a mortgage they must have been on the contract for at least 12 months and have over 6 months left. This can be very challenging, as by definition many contracts will be shorter. Affordability rules are verging on the unfair too.

Employees on permanent contracts are considerably better off than those working in more flexible ways. Mortgage lenders all have new ‘Affordability Calculators’.

For many this means the possibility of owning their own home has now become an impossible dream. Pearcelegal may be able to help you find solutions to this difficult issue, through our expertise and network of financial specialists.

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