Mortgage application

Showman619

Hey guys,

Im looking to apply for a mortgage and have the deposit for a house saved already. The problem is that i am on a contract with work and they just keep renewing the contract. Will I get a mortgage while on a contract? Or does anyone know what to do?

Any help would be great! :-)

chris85

Showman619 wrote: »

Hey guys,

Im looking to apply for a mortgage and have the deposit for a house saved already. The problem is that i am on a contract with work and they just keep renewing the contract. Will I get a mortgage while on a contract? Or does anyone know what to do?

Any help would be great! :-)

Unlikely as the company could let you go at any time and then what happens. Its too much of a risk for the bank and rightly so.

Any chance of getting permanency?

Showman619

I have a meeting with my manager today (yearly review) but i think the company are not hiring any fulltime staff meaning rolling contracts. I could be working for 5 years straight and still not full time. Would I be best trying to find a new job only permanent or stay with them. I am looking for a mortgage by next summer.

chris85

How long you in contract work with same employer? Under the Protection of Employees Act 2003 if you have been under contract with same employer continuously for four years then your contract is considered to be of indefinite duration (permanent).

http://www.irishstatutebook.ie/2003/en/act/pub/0029/sec0009.html#sec9

Obviously if you are over 4 years there your contract is deemed indefinite now. If under hard to bring up with the company as they may try get rid of you.

If you want a mortgage you will need to get permanency, either in current job or seek permanent position elsewhere.

Showman619

Less than 4 years :-( Was just wondering was there a way around it, if not thanks for your help!