The short answer is, yes! Many lenders are willing to work with those on temporary contracts. If you can provide evidence of past earnings, most lenders won’t see it as a problem.
Can I get a mortgage if I have a temporary contract?
Those with short-term contracts may find it difficult to secure a mortgage from mainstream lenders, as there is a larger risk attached to loans for those without guaranteed long-term employment. Lenders will want to know the time left required on your current contract before they consider you for a mortgage.
Is it hard to get a mortgage on a fixed term contract?
Having a fixed term contract does not preclude you from getting a mortgage but lenders will want to see that there is some track record of earning on this basis. Just as with self employed borrowers it’s about proving the level of income, so that the mortgage will be affordable now and going forward.
Does Upstart require proof of income?
Current contract defining length of agreement and exact compensation expected. Proof of recent income in the form of a digital deposited check image OR business invoice. Please provide the matching bank statement that verifies the deposit into your account.
Can you skip a payment with Upstart?
No prepayment penalty – If you want to pay off your loan early, Upstart allows you to do so without penalty. However, as with most funding providers, you won’t be able to get a partial refund for your origination fee or interest you have already paid.
Can I get a mortgage without a guarantor?
Some lenders may even require your guarantor to be a family member. Not anyone can be a mortgage guarantor. Some lenders insist that the mortgage guarantor must have fully paid off their own mortgage, while some will settle for a certain amount of equity in it, e.g. they’ve paid over 50% of the full amount.
