Understanding mortgages and apprenticeships is important whether you are an apprentice currently or are evaluating your options. Deciding to go on the property ladder is a big step, which may be frightening.
Can you get a mortgage whilst on apprenticeship?
As an apprentice, you are eligible for a mortgage. An apprenticeship, like any other kind of work, is a legitimate job. As a consequence, trainees seeking a mortgage face no particular limitations. Mortgage lenders will see you in the same light as any other working person. However, there may be some problems with your salary and contract length.
While mortgage lenders are concerned about your income, it is not the only factor in their decision, and having a lower income does not exclude you from getting a mortgage. Apprentices must understand that each mortgage lender has its own set of minimum income requirements, and some have none at all.
Aside from your income, you should be aware that your fixed-term contract may cause issues when applying for a mortgage. Mortgage lenders want to know that you will be able to make your mortgage payments in the near future; therefore, a permanent employment contract is preferable to a fixed-term contract. However, after their apprenticeship is over, many apprentices are hired on as full-time employees.
Therefore, it would help if you talked to your boss about it; he or she may be able to formally guarantee you a job at the end of your apprenticeship.