Whether your situation stems from an obligation or is the result of a choice of life, working as a seasonal worker may pose a problem the day you borrow to buy your home. Our advice to help you carry out your real estate project.
Some town halls and urban communities offer additional assistance to the zero-rate loan. This aid can take the form of a subsidy, a discount on the sale price per square meter of new housing or an interest-free loan. Ask the housing services of the municipality where you buy the property.
The nature of the employment contract
The status of seasonal workers is widely spread in the sectors of agriculture (harvesting, picking, harvesting …), tourism or catering and banks know its particularities. To obtain a mortgage, you must have signed a work contract ( one seasonal worker in 8 does not sign a contract ) and show a sufficient history of activity over the past years.
The importance of the duration of the CDD
The duration of the CDD (generally from 2 to 6 months depending on the type of seasonal tasks) is also of great importance since it determines the amount of your annual income.
Good to know: if you have held a job in a hotel or in a coffee shop during the whole opening period for several years in succession, your contract may be like a permanent contract. Ask your employer or the local labor inspectorate.
The renewal clause
A renewal clause may be inserted in the contract when the tasks are to be repeated each season in the same period. Although constituting a simple priority made to the seasonal worker, the inclusion of this clause brings a little stability to your professional situation and constitutes a plus in your file.
Elements of risk analysis
Know that the bank is carrying out a global study of your situation and each element is scrutinized by the risk analysis services. To put the most chances on your side, you must make sure that your record has the most positive points.
The tightening of the conditions of access to real estate credit from network banks and the end of the financing activity of “Crédit Immobilier de France” (CIF) make today It is more difficult for candidates who have no capital to acquire the property. Fortunately, some subsidized loans are included in the calculation of personal contribution.
In general, banks require that you finance at least 10% of the purchase price plus notary fees and guarantee fees. For example, if you buy an apartment for $ 150,000, you must contribute $ 15,000 as a contribution and finance the ancillary costs of approximately $ 13,000, for a total of $ 28,000.
Important: the PTZ cannot be used to finance notary fees.
Keeping bank accounts
You have to prove to your bank that you are a good manager. This will analyze your bank statements for the past 3 months. If your accounts show significant overruns or worse still, payment incidents, you will not score points.
The regularity of activities in recent years
One of the essential aspects of the risk analysis is the regularity of the different contracts signed by the seasonal worker over several years. If, for example, you have worked regularly during the previous 5 years and moreover, with the same employer, the bank will certainly take this into account.
You complete with another activity
If you combine several salaried jobs or if you also work as a self-employed entrepreneur, the bank will calculate your average income on the basis of all the remuneration received in previous years (between 3 and 5 years depending on the lender). Again, the regularity of activities is of paramount importance.
The professional situation of the co-borrower
Your spouse’s professional situation can work in your favor if the latter has a permanent contract. Indeed, if the co-borrower’s income is stable, the risk linked to your seasonal worker contract will weigh less heavily in the balance.
In conclusion: it is possible to obtain a mortgage, even without a stable income. Your file must nevertheless contain positive points: contribution, sufficient activity history, low debt ratio. Articles that should interest you
- The important elements of negotiating a home loan
- State aid to help young people become homeowners
- Real estate purchase by a couple with one of the spouses on a fixed-term contract
- How to borrow when you don’t have a permanent contract