Employment requirements for a mortgage
Income is one of the main mortgage criteria
When buying your home, the mortgage you can get will heavily depend on your income. Other factors will also play a part as per lending criteria, but the mortgage affordability assessment starts with your income.
There are different employment types and income elements, so we have grouped them into 4 sections: employed, self-employed (sole trader and freelancer), Ltd company director and contractor income. The lending criteria are different per income type, but also per lender, so click through for more information.
- you are on an hourly or daily rate;
- you work through an umbrella company or a limited company;
- you have a short or long-term contract;
- you have recently started contracting or been doing so for several years.
In response to the question “Can I get a mortgage on a fixed term contract?”, the simple answer is yes. However, for more lending criteria details and for a simple contractor mortgage calculator explanation, we have a guide here specifically for you.