Grainne and her partner Will recently took the plunge to upgrade from their cramped rental flat and purchase their dream home. During this period, Grainne started a Fixed Term P.A.Y.E contract for 12 months, making it challenging to find a loan. Before accepting the new contractor role for a much higher salary, Grainne was employed for six months as a digital analyst.
Although some lenders would shield away, Bluestone Mortgages was happy to accept the income from Grainne on day one of her FTC. As she had three months remaining on her contract, we based the affordability on the annualised contract amount. Even though this was Grainne’s first Fixed Term P.A.Y.E contract, she had six months of continuous industry experience, which qualified her and her partner for the loan they needed to continue on their homeownership journey!
Being a contractor shouldn’t be a barrier to home ownership. Grainne’s & Will’s scenario is one of the many examples of cases where we can help.
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