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Fixed Term Contract for Mortgage: What You Need to Know

If you are on a fixed-term contract, you may be worried that you won`t be able to get a mortgage. However, this is not necessarily the case. With the right approach, it is possible to secure a mortgage on a fixed-term contract.

What is a Fixed-Term Contract?

A fixed-term contract is a type of employment contract that has a defined end date. This means that you are employed for a specified period of time, rather than on an ongoing basis. Fixed-term contracts are common in industries such as construction, education, and healthcare, where work is often project-based.

What Are the Challenges of Getting a Mortgage on a Fixed-Term Contract?

The main challenge of getting a mortgage on a fixed-term contract is that lenders may view your employment as less secure than that of someone on a permanent contract. This is because there is a risk that your contract may not be renewed, leaving you without a source of income.

Another challenge is that lenders may be hesitant to lend to someone on a fixed-term contract who has a shorter employment history, as they may see this as a lack of stability.

What Can You Do to Improve Your Chances of Getting a Mortgage on a Fixed-Term Contract?

If you are on a fixed-term contract and want to get a mortgage, there are several things you can do to improve your chances:

1. Save up a larger deposit: Lenders may be more willing to lend to you if you have a larger deposit, as this reduces the risk for them.

2. Improve your credit score: A higher credit score can make you a more attractive borrower to lenders, as it demonstrates that you are responsible with credit.

3. Show evidence of job stability: If you can demonstrate that you have been in your current job for a while and that your contract is likely to be renewed, this can help reassure lenders.

4. Seek advice from a mortgage broker: A mortgage broker can help you navigate the mortgage application process and find lenders who are more likely to lend to someone on a fixed-term contract.

5. Consider a joint mortgage: If you have a partner who is on a permanent contract, a joint mortgage may be a good option, as your partner`s employment can help to offset the perceived risk of your fixed-term contract.


Getting a mortgage on a fixed-term contract is not impossible, but it can be more challenging. To improve your chances, it is important to save up a larger deposit, improve your credit score, show evidence of job stability, seek advice from a mortgage broker, and consider a joint mortgage. With the right approach, you can secure a mortgage on a fixed-term contract and get on the property ladder.