How can I secure a home loan while on temp agency work?

Any general questions you might have in regards to loans and finance.
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adamsj
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How can I secure a home loan while on temp agency work?

Postby adamsj » Wed Apr 07, 2010 12:21 pm

I'm employed through an agency on a temporary contract, i have no other debts, is it possible for me to apply for a home loan?

Thank you!

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Otto Dargan
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Re: How can I secure a home loan while on temp agency work?

Postby Otto Dargan » Wed Apr 07, 2010 2:08 pm

Being on a temporary contract (otherwise known as a fixed term contract) means that many lenders will not take your income into account when assessing if you can afford the loan. In particular they view agency employees as being a higher risk than contractors. Some lenders are happy to consider lending 90% or even 95% while you are in temporary employment.

The condition is that you must show a track record of employment in the same industry or in a similar job. Study at university can also be considered as being in the same line of work as well.

Please call one of our mortgage brokers for more information.
Otto Dargan
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