If you have your heart set on a property, you are earning more than enough to repay the mortgage and you have a sizeable deposit to put down, you probably think you'd make an ideal borrower, wouldn't you? Unfortunately not if you happen to be employed on a fixed term contract.
Mortgage lenders tend to be more cautious in their approach to contractors. Most take the position that as a contractor, earnings are volatile. Those who are paid by the day or by the job often earn considerably more than their traditional PAYE employed counterparts, however contracting does not provide the long term stability lenders desire. Contractors who operate through a limited company tend to earn their money through dividends or may have lump sums at the beginning or end of contracts. Ultimately, mortgage lenders tend to prefer regular payslips as proof of income rather than invoices.