As a freelancer or self-employed person on a fixed-term contract, getting a mortgage might seem like an uphill task. However, don`t let the perceived difficulty discourage you from owning your dream home. With the right information and guidance, you can secure a mortgage that suits your needs.

Here are some of the best mortgage options for individuals on fixed-term contracts:

1. Fixed-rate mortgages

With a fixed-rate mortgage, your interest rate remains the same for the length of the deal, usually between two and five years. This means that your monthly repayments remain stable, which may help you budget better. Fixed-rate mortgages can also provide peace of mind as you know exactly how much you`ll need to pay each month.

2. Discounted variable rate mortgages

A discounted variable rate mortgage gives you a reduction on the lender`s standard variable rate (SVR) for a specific period. As a result, your interest rate will go up and down with the lender`s SVR. However, the discount means that you`ll pay a lower interest rate than the lender`s standard variable rate.

3. Offset mortgages

An offset mortgage allows you to link your savings account and your mortgage. The interest on your savings account is used to offset the interest on your mortgage, which means you pay less interest on your mortgage. This can help you pay your mortgage off faster, as your savings reduce the overall interest you pay.

4. Guarantor mortgages

If you`re struggling to secure a mortgage because of the length of your fixed-term contract, a guarantor mortgage might be the solution. With a guarantor mortgage, a parent or close family member agrees to guarantee your mortgage payments, which reduces the risk to the lender.

5. Joint borrower sole proprietor mortgages

A joint borrower sole proprietor mortgage allows you to apply for a mortgage with someone who has a regular income, such as a parent or partner. The joint income helps you qualify for a larger mortgage, while you remain the sole proprietor and owner of the property.

Conclusion

Fixed-term contracts don`t have to prevent you from owning your dream home. With the right mortgage, you can secure a home that meets your needs. Whether you opt for a fixed-rate mortgage, discounted variable rate mortgage, offset mortgage, guarantor mortgage, or joint borrower sole proprietor mortgage, do your research and choose the right mortgage for your situation. With the right mortgage, you can own a home that`s perfect for your family.