I am currently employed on a full time contract basis and am considering purchasing a house with someone else. Will the fact that my employment in not permanent effect chances of getting mortgage?
Should have no problem. A cousin of mine had no problem getting a mortgage last year on only a couple of years of teaching and small savings. I think the reason for this is that it is considered to be normal for teachers to live on year to year rolling contracts (I know of people who've been in the same school for as much as 17 years without being made permanent yet...)bos4 said:I am a teacher and have not been made permanent as yet, after 8 years of working. I have worked in a total of 10 schools, covering sick leaves, maternity leaves, career breaks and have all my financial records going back since before I started working. Currently I have a fixed term contract, which lasts for a year at a time, as I am replacing a lady who is out on career break. She has indicated to me privately that she is set to return next September. My employer, the Board of Management, have made no indication as of yet what my future is.
Should I go about trying to get a mortgage now?:
(a) My P60 will show the highest amount (circa. 38,000) that it has ever been. If I end up covering a maternity leave, it will probably be significantly lower this time next year.
(b) I can show that I have been employed in the one place for nearly three years. After next September, this is liable to be broken.
(c) I have a good record of saving and have nearly 75k between my accounts.
Or is it ,as I expect ,a bad idea as
(i) I am not in a permanent capacity and unlikely to be so for a number of years yet.
(ii) If I have a break in employment, I will have the pressure of a mortgage payment on my back?