Loans and Mortgages for Contracted Employees

If you work on a contract you can get a loan, but it may not be as easy as for traditionally employed people. Some lenders may be happy if you can prove that your contract has been renewed by the same employer. Others may want to see a pattern of renewals over a one or even a two-year period. In any event this is a specialised area that needs expert advice.

For instance if you've just started your job lenders will look at your case individually. Essentially, they are interested in discovering how employable you are and your broker can help with direct contact at underwriter level. A key factor, for example, would be if you have long experience in that particular industry. First-jobbers may find themselves being asked to wait for a while.

Talk to your broker who will know exactly who to approach.

Author: Grace Sinclair

Unique assistance for contracted employees who find it difficult to obtain mortages at good rates

Published on 28/3/2006.

All articles.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Reef Mortgage Services Ltd is authorised and regulated by the Financial Services Authority.