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CDD executive:advice for finding a mortgage

While the number of permanent contracts is falling and most hiring is on fixed-term contracts, banking establishments are making some efforts and sometimes give executives on fixed-term contracts a chance.

The status of civil servant is privileged with banks because it benefits from job security. This does not mean, however, that a civil servant will automatically be granted a mortgage, especially if he does not have a permanent contract. How to find a mortgage when you are a fixed-term executive? Explanations.

A stable professional situation

If you apply for a mortgage while you are a fixed-term executive, the banks will study your professional situation and its stability. You may be considered a high-risk profile if you have experienced several interruptions in your career or change jobs often. You should know that banking establishments generally require 3 years of contract renewal for fixed-term contracts, 18 months of seniority for temporary workers, 2 years of seniority for the liberal professions and at least 3 years for auto-entrepreneurs.

The regularity of the borrower's income is also important. Lower but regular incomes will carry more weight than very high but abruptly changing incomes.

A significant personal contribution

The other way for a fixed-term executive to get a mortgage is to justify a substantial personal contribution that can reassure the bank. The ideal is to have a contribution corresponding to at least 15% of the amount of the property. This will prove your ability to save.

Similarly, providing the guarantee of a relative can be a decisive element for the bank. It should be noted that the bail file will be examined as much as yours.

The co-borrower alternative

Obtaining a mortgage with a CDD can be difficult unless the borrower has a co-borrower working on a CDI. If the nature of the employment contract is an important element for the bank, it is not the only one. Indeed, other parameters such as the debt ratio, the remainder to live or the borrowing capacity are scrutinized. In other words, the presence of a CDI in a financing file is not enough to obtain credit.

Comparison of credit offers

A CDD executive has every interest in comparing offers using an online comparator. This free and non-binding tool allows you to receive several mortgage proposals, compare them and select the best one.

Among all these solutions, the most judicious remains the alternative of the co-borrower in CDI. Obviously, this option is only for people in a couple whose spouse has a long-term employment contract. Executives on fixed-term contracts who are not in this situation have no choice but to wait in order to obtain a tenured or permanent contract in the public service.

Thus, to borrow all people on fixed-term contracts are not housed in the same boat, some have it easier than others.