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Mortgages for Agency & Contract Workers
Are you concerned that you can't get a mortgage because you are an Agency or Contract worker, in this market 2014, it is not as easy as we would like but there are lenders out there you will consider you. You may have been advised many times that you can't get a mortgage if you are working via an agency or on a fixed term contract, and If this sounds familiar you haven't spoken to us. With over 40 years of experience in financial services we have the knowledge and the contacts to be able to help you in most circumstances, and our sourcing systems help us identify any new potential lenders.
Contract Worker Mortgages
Good news for workers currently working on a short term contract basis, one of our lenders has seen the gap in the market and reacted to the need by launching a special product designed to assist clients in this area.
The product requires a minimum period in contract work of six-months with a term of six months left on the contract. With this criteria the client could achieve a mortgage of up to 80% LTV. If the client has had 2 years in contract work this could rise up to 90% LTV. The underwriting is quite straight forward with the lender making an informed decision based on the history of employment over the two years or more.
There are a number of optional features, such as interest only at 75%, making this a very competitive and flexible product, that will be attractive to clients working on a Contract basis, congratulations to the Saffron for bringing a unique product to the market.
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More About Agency Worker Mortgages
What lenders are looking for is where as an Agency/ Contract worker you have had a contract which has been renewed. Most contracts are for six-months or one year and if this has been renewed and the agency confirms that this will be for the foreseeable future then we have lenders who will consider you.
In a down market that we are currently experiencing, its very much like the one we had back in the early nineties when Agency work came to the rescue of employers who were reluctant to offer permanent employment when they were unsure about the future.
Apart from having some employment history in agency work, lenders want the comfort of having that little extra deposit and 85% LTV is about normal in this very difficult market. But again each case is placed on its merits and if the lender feels comfortable at a slightly higher loan to value we should not rule it out.
As the property markets start to recover and the economy becomes far more positive, lenders will become far more flexible in their underwriting and attitude to risk.
A good tip is to enquire with the agency about your employer; sometimes employers will look to take you on at the end of the contract if they are busy and can see a demand for their product for the foreseeable future. This generally starts to happen when we are coming out of a down market and the way ahead looks a lot more stable.