MORTGAGE FOR PART-TIME WORKER

MORTGAGE FOR PART-TIME WORKER

HOME LOAN WITH PART-TIME JOB MORTGAGE FOR PART-TIME WORKER

The mortgage loan for the part-time worker includes by definition a financing facility granted by a bank or a financial institution dedicated to a part-time jobber and borrower who wishes to acquire a property.

The mortgage loan for part-time workers has always been a challenge for every non-full-time employee wishing to move from tenant to owner status by acquiring a house or a flat.

A home loan for part-time jobber unlike other loans is differentiated by the amounts to be financed but also by the repayment periods which go up to 20 years that can become a challenge for any lender.

Home financing for workers on a part-time contract has as main challenge the fact that the employment contract of a person in partial employment is limited income with an uncertainty of proving that the job contract can be extended whereas the real estate financing must go over several years often of the decades.

A mortgage loan for part-time workers housing financing will of course depend on several criteria which will give the lender the necessary comfort vis-à-vis a borrower risk without full-time job contract in the face of long-term real estate financing.

Fortunately, a part-time mortgage loan is nowadays quite feasible for partial employees as long as they can prove that despite their professional situation, they manage to generate stable and regular income.

CONDITIONS FOR GRANTING A MORTGAGE LOAN AS A PART-TIME WORKER

To have all chances as a part-time worker and be granted a mortgage, it is necessary to consider that a lender will take into account:

  • Loan-to-value ratio, i.e. the amount of financing compared to the value of the property and therefore the financial contribution of the borrower.

  • Value of borrower contracted home insurance.

  • Professional history (CV) of the part-time job borrower, sectors in which he or she is active.

PRIORITY CRITERIA FOR FINANCING PART-TIME JOBBER HOUSING

The interim mortgage loan will have every chance of being approved if:

  • One can justify at least 24 months of part-time employment without interruption.

  • A down-payment or personal equity contribution high enough to cover all ancillary costs (notary, stamp, real estate agency fee) as well as for the price of the property purchase.

  • By obtaining the mortgage, the debt ratio (loans / income) does not exceed one third.

  • Present an impeccable banking history (account statement).

  • The estimated value of the housing property justifies the amount of financing.