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Old 16.03.2021, 17:33
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Contract work and banks for mortgage..?

Hey, I'm wondering if someone has any advice. I'm thinking of picking up a contract job (I currently have a B permit) as I've left my previous permanent full-time position. How do the banks feel about financing when someone has only contact for say 1 year, etc? Are you a persona non grata henceforth? or are some reasonable in expecting you to continue to have a new contract in the future?
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Old 16.03.2021, 17:36
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Re: Contract work and banks for mortgage..?

Depends on what you want to finance, house, car ?
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Old 16.03.2021, 18:13
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Re: Contract work and banks for mortgage..?

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Depends on what you want to finance, house, car ?
There's a clue in the title - in English 'mortgage" is used exclusively to refer to a home loan.
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Old 16.03.2021, 18:16
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Re: Contract work and banks for mortgage..?

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There's a clue in the title - in English 'mortgage" is used exclusively to refer to a home loan.

Ah ok, sorry, I missed that
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Old 16.03.2021, 18:34
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Re: Contract work and banks for mortgage..?

yes, a home...
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Old 16.03.2021, 18:41
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Re: Contract work and banks for mortgage..?

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yes, a home...
Depends on long term history, how much you want to borrow & how big a deposit you want. In your first year you will not get the same terms as an employee, by year 3 of working for 1 umbrella company you probably will as they would see you as a normal employee. They look at end of year salary statement, you might get lucky earlier.
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Old 16.03.2021, 18:55
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Re: Contract work and banks for mortgage..?

Best place to start will be to talk with your bank, as others have said answer would vary based on
  • Bank : talk to multiple banks , postfinance for ex was not very-interested in my case with B permit and contract job, but UBS and BKB were
  • type of property
  • how much can you bring upfront : if you have good savings and can reduce banks risk then they would be more interested
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Old 16.03.2021, 21:51
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Re: Contract work and banks for mortgage..?

Ok, thanks for the tips.. I presume my previous 8 years with a solid job should help convince them also. But shopping around is the norm by the sounds of it. Such differences between the banks I find, more than I would expect. Thanks for the advice...
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Old 16.03.2021, 21:58
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Re: Contract work and banks for mortgage..?

From my experience, banks will not ask for job contract details, salary statements etc, they will ask to see your tax declaration.
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Old 17.03.2021, 10:24
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Re: Contract work and banks for mortgage..?

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Ok, thanks for the tips.. I presume my previous 8 years with a solid job should help convince them also. But shopping around is the norm by the sounds of it. Such differences between the banks I find, more than I would expect. Thanks for the advice...
If you have significant invested assets ask if the bank will consider the return on them as part of your income for the loan affordability test. If yes expect they would count 2-3% return and not 7%.
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Old 17.03.2021, 11:50
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Re: Contract work and banks for mortgage..?

Call Reiffeisen. Mortgages is their thing.
Then your Kantonal Bank, they also like investing locally.
Lastly the Big Wigs-

You dont win if you dont try.
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